Monday, February 14, 2011
Freescale Semiconductor Inc. Friday (Feb. 11) filed with the U.S. Securities and Exchange Commission for an initial public offering in which it hopes to raise $1.15 billion.
Freescale (Austin, Texas), a onetime spinout from Motorola Inc., was a publicly traded company before it was bought for $17.6 billion in 2006 by a consortium of private equity firms led by the Blackstone Group.
In recent months, rumors have circled that Freescale was preparing to launch an IPO.
Last month, Freescale posted its sixth straight quarter of revenue growth. The company's CEO, Rich Beyer, said Freescale was in position to grow further in 2011.
Freescale reported sales for 2010 of $4.46 billion, a 27 percent increase over 2009. The company reported a net loss for the year in accordance with generally accepted accounting principles of $1 billion.
According to the S-1 filing made with the SEC Friday, Freescale's underwriters for the IPO include Citigroup Inc., Barclays Capital, Credit Suisse, Deutsche Bank Securities and JP Morgan.
Also Friday, NASCAR announced a partnership with Freescale and McLaren Electronic Systems Ltd. to provide fuel injection for NASCAR Sprint Series race cars.
By: DocMemory
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