With just one day to go in the year, Advanced Micro Devices Inc. (AMD) admitted Thursday that its acquisition of fellow semiconductor company Xilinx Inc. (XLNX) would not close by the end of 2021, but did say it expects the deal to be sealed early in the new year. In a joint, uncredited statement provided to media, the companies said after the market closed Thursday, "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." AMD agreed to acquire Xilinx in October 2020 for $35 billion in stock, a total that has increased along with the stock prices of both companies during a semiconductor shortage. AMD shares gained about 0.8% in after-hours trading following the news, while Xilinx shares fell about 1%.
-Jeremy C. Owens
(END) Dow Jones Newswires
December 30, 2021 16:44 ET (21:44 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.