Semiconductors in the driver's seat
: accelerating automotive innovation through the acquisition of Elmos Semiconductor SE by Infineon Technologies AG

  • Aaron Justin Conrad (Student)

Student thesis: Master's Thesis


Retaining and extending a competitive edge in the semiconductor industry is essential to prevail market dominance and keep up with the constantly high pace of innovation. Additionally, the semiconductor industry is vitally important to superior industries and promises high growth potential, fueled by trends in the automotive, green energy, or personal electronics space. Given this combination, consolidation is one prime path to tackle the challenges in the industry. Therefore, this dissertation investigates whether there is a valid rationale or Infineon Technologies AG to acquire Elmos Semiconductor SE.Main drivers and risk factors are identified and assessed, assumptions in relation to different growth profiles are compiled and complemented with different valuation approaches. Ultimately a takeover price of €89.00 per share is computed, indicating a premium of 30% in comparison to the share price of €68.20 as of May 8, 2023. When deducting the acquisition premium (356 eurM) from the assumed value of Elmos to Infineon (based on DCF), the value created to Infineon amounts to 195 eurM, whereas the target shareholders are compensated with a premium of 356 eurM, resulting in bilateral value creation. In total the merged firm inherits net synergies of 586 eurM and is valued at an Enterprise Value of 36 877 eurM. The deal will primarily be financed through senior secured debt (1 183 eurM), supplemented with a cash payment of 341 eurM.
Date of Award4 Jul 2023
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorAntónio Borges de Assunção (Supervisor)


  • Semiconductor industry
  • Mergers & acquisition
  • Valuation
  • Automotive


  • Mestrado em Gestão e Administração de Empresas

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