Monday, June 4, 2007

Flextronics Buys Solectron

Contract manufacturing giants Flextronics and Solectron announced today that the firms are in a definitive agreement where Flextronics will buy Milpitas-based Solectron, in a $3.6B deal. The firms said that Flextronics will pay $3.6 billion in cash and stock for Solectron, creating a firm with more than 200,000 employees and annual revenues of $30 billion. Both companies provide electronic manufacturing services, assembling and manufacturing electronics products for hardware manufacturers and others. Flextronics was advised by Citigroup Global Markets Inc. and Curtis, Mallet-Prevost, Colt & Mosle LLP in the deal; Goldman Sachs & Co. and Wilson Sonsini Goodrich & Rosati advised Solectron.