Infineon Technologies Reaches EUR 753.5 Million Settlement With Qimonda

By Connor Hart

Infineon Technologies said all legal disputes and claims brought against the company by Qimonda AG's insolvency administrator have been resolved as part of a EUR 753.5 million ($837.2 million) settlement.

The German semiconductor and system solutions provider said in a statement on Thursday that the resolution consists of a nominal settlement amount of EUR 800 million, excluding the amounts from previous agreements.

Infineon's supervisory board approved the settlement, which had already been approved by Qimonda's creditors' committee and Infineon's management board. The parties agreed to have the settlement determined by the court.

Infineon said it will utilize provisions set aside for the legal dispute, while any additional costs will hurt earnings and cash flow from discontinued operations.

Qimonda was spun out of Infineon in 2006. At the end of 2010, Qimonda's insolvency administrator claimed it was owed EUR 3.4 billion, plus interest, by Infineon.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 22, 2024 16:02 ET (20:02 GMT)

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