NXP Semi Agrees To Sell Chip Unit For $2.75 Billion

NXP Semiconductors NV said late Monday it agreed to sell its "standard products" business to a Chinese consortium for $2.75 billion. The business unit, which supplies chips for auto, industrial, computing, consumer, and wearable applications, will be rebranded as Nexperia. The consortium including Beijing Jianguang Asset Management Co. and Wise Road Capital Ltd. NXP expects the deal to close in the first quarter of 2017. NXP shares were unchanged at $87.40 after hours.