AMD and Xilinx Provide Update Regarding Expected Timing of Acquisition Close

Rhea-AI Summary

AMD and Xilinx have announced progress on regulatory approvals for AMD's acquisition of Xilinx. Initially expected to close by the end of 2021, the transaction is now anticipated to finalize in Q1 2022. Ongoing discussions with regulators are described as productive, and both companies are optimistic about the benefits of the merger, which is aimed at creating a leader in high-performance and adaptive computing.

Positive

• Proposed acquisition expected to enhance AMD's market position in high-performance and adaptive computing.
• Progress in regulatory approvals indicates a productive relationship with regulators, potentially leading to a timely transaction completion.

Negative

• Delay in transaction closing now expected in Q1 2022 instead of late 2021.
• Potential risks related to timely regulatory approvals and integration challenges.

SILICON VALLEY, Calif., Dec. 30, 2021 (GLOBE NEWSWIRE) -- AMD (NASDAQ: AMD) and Xilinx, Inc. (NASDAQ: XLNX) today released the following statement related to the status of global regulatory approvals for AMD’s proposed acquisition of Xilinx.

“We continue making good progress on the required regulatory approvals to close our transaction. While we had previously expected that we would secure all approvals by the end of 2021, we have not yet completed the process and we now expect the transaction to close in the first quarter of 2022. Our conversations with regulators continue to progress productively, and we expect to secure all required approvals.”

There are no additional changes to the previously announced terms or plans regarding the transaction and the companies continue to look forward to the proposed combination creating the industry’s high-performance and adaptive computing leader.

About AMD 
For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies ― the building blocks for gaming, immersive platforms and the data center. Hundreds of millions of consumers, leading Fortune 500 businesses and cutting-edge scientific research facilities around the world rely on AMD technology daily to improve how they live, work and play. AMD employees around the world are focused on building great products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, Facebook and Twitter pages. 

About Xilinx
Xilinx, Inc. develops highly flexible and adaptive computing platforms that enable rapid innovation across a variety of technologies - from the cloud, to the edge, to the endpoint. Xilinx is the inventor of the FPGA and Adaptive SoCs (including our Adaptive Compute Acceleration Platform, or ACAP), designed to deliver the most dynamic computing technology in the industry. We collaborate with our customers to create scalable, differentiated and intelligent solutions that enable the adaptable, intelligent and connected world of the future. For more information, visit xilinx.com.

AMD and the AMD Arrow logo are trademarks of Advanced Micro Devices, Inc. Xilinx and the Xilinx logo are trademarks of Xilinx, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

CAUTIONARY STATEMENT

The statements in this press release include forward-looking statements concerning AMD, Xilinx, the proposed transaction and other matters. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “pro forma,” “estimates,” “anticipates,” “designed,” or the negative of these words and phrases, other variations of these words and phrases or comparable terminology. The forward-looking statements in this press release relate to, among other things, obtaining applicable regulatory approvals, satisfying other closing conditions to the proposed transaction, the expected timing of closing the transaction, and the integration of the businesses and the expected benefits, cost savings, accretion, synergies and growth to result therefrom. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. These risks include, among other things: failure to obtain applicable regulatory approval in a timely manner or otherwise; failure to satisfy other closing conditions to the transaction or to complete the transaction on anticipated terms and timing; negative effects of the announcement of the transaction; risks that the businesses will not be integrated successfully or that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth, or that such benefits may take longer to realize than expected; risks relating to unanticipated costs of integration; significant transaction and/or integration costs, or difficulties in connection with the transaction and/or unknown or inestimable liabilities; potential litigation associated with the transaction; the potential impact of the announcement or consummation of the transaction on AMD’s or the combined company’s relationships with suppliers, customers, employers and regulators; and demand for the combined company’s products. For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see the section captioned “Risk Factors” in (i) AMD’s Annual Report on Form 10-K for the fiscal year ended December 26, 2020, subsequent Quarterly Reports on Form 10-Q and AMD’s other filings with the SEC and (ii) Xilinx’s Annual Report on Form 10-K for the fiscal year ended April 3, 2021, subsequent Quarterly Reports on Form 10-Q and Xilinx’s other filings with the SEC. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Many of these risks and uncertainties may be exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. Neither AMD nor Xilinx assumes, and each hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.

Contact:
AMD Investor Contact:
Laura Graves
408-749-5467
Laura.graves@amd.com

AMD Media Contact:
Drew Prairie
512-602-4425
Drew.prairie@amd.com

Xilinx Investor Contact:
Suresh Bhaskaran
408-879-4784
ir@xilinx.com

Xilinx Media Contact:
Tara Sims
415-713-5986
taras@xilinx.com

FAQ

What is the status of AMD's acquisition of Xilinx?

AMD is currently progressing through regulatory approvals for its acquisition of Xilinx, now expected to close in Q1 2022.

When is AMD's acquisition of Xilinx expected to close?

The acquisition is now anticipated to close in the first quarter of 2022, delayed from the previous expectation of late 2021.

What are the expected benefits of AMD’s acquisition of Xilinx?

The merger aims to create a leader in high-performance and adaptive computing, enhancing capabilities and market position.

What are the risks associated with AMD's acquisition of Xilinx?

Risks include potential delays in regulatory approvals and challenges in successfully integrating the businesses.