NXP Buys Silicon Labs Unit

NXP Semiconductors BV of The Netherlands has agreed to acquire the mobile phone equipment business of Austin, Texas-based Silicon Laboratories Inc. (Nasdaq: SLAB). The deal is valued at $285 million, plus a possible $65 million earn-out based on performance over the next three years. NXP is the former semiconductor division of Royal Philips Electronics, which was acquired for over $8 billion last year by KKR, AlpInvest, Apax Partners, Bain Capital, Partners Group and Silver Lake Partners. www.nxp.com www.silabs.com