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Infineon Close to Announcing Acquisition of Cree's Wolfspeed Unit


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BERLIN—German chip maker Infineon Technologies AG said Thursday it has agreed to buy the North Carolina-based company Wolfspeed from Cree Inc. for $850 million in cash, confirming an earlier report by The Wall Street Journal.

The acquisition will strengthen Infineon's position as a supplier of power solutions in high-growth markets such as electric cars, renewable energy and next-generation cellular infrastructure relevant to the so-called Internet of Things, the Munich-based semiconductor maker said.

Infineon designs, manufactures and markets semiconductors for the automotive, industrial, communications, consumer and security...