Applied Materials sweetens bid for KKR-owned Kokusai Electric to $3.5b

Applied Materials Inc., one of the largest makers of machines used to manufacture semiconductors, said it raised its offer for KKR & Co.-owned Kokusai Electric Corp. by 59%, citing higher valuations in a growing industry. It also extended the closing deadline by almost three months.

The U.S. company will pay KKR $3.5 billion, up from the originally agreed $2.2 billion, for Kokusai, Applied said in a filing. The two parties have agreed to a new closing date of Mar. 19 to allow for regulatory approval from China, the final remaining jurisdiction where sign-off is needed.

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