AMD officially announced Monday it has completed its acquisition of Xilinx and made CEO Lisa Su the new chair of the board and CEO of the combined entity.
Xilinx is now no longer officially listed on the Nasdaq exchange. AMD shares were up 3% by mid-morning Monday to $116.89.
AMD also made John Caldwell lead independent director. He had been chair since 2016 after joining the board in 2006. “As CEO and chair, Lisa will now have an ability to drive an even sharper focus for AMD and create greater shareholder value,” Caldwell said in a statement.
Su, 52, was honored for outstanding contributions to the chip industry in 2020 by the Semiconductor Industry Association, the industry’s highest honor.
Former Xilinx board members Jon Olson and Elizabeth Vanderslice will also join the AMD board. Olson has more than 30 years of experience in financial duties at multiple chip companies while Vanderslice is a partner at Trewstar Corporate Board Services.
Xilinx CEO Victor Peng joins AMD as president of a newly formed Adaptive and Embedded Computing Group, partly to drive leadership in FPGA and adaptive SoCs, according to a statement from Xilinx. Su has said the total addressable market for combined AMD-Xilinx products is $135 billion across cloud, edge and intelligent devices.
Xilinx shareholders received 1.7234 shares of AMD common stock and cash in lieu of fractional AMD shares for each share of Xilinx common stock, according to a statement. The deal was originally valued at $35 billion when first announced in October 2020.
AMD has successfully taken on Intel in recent years for CPUs and GPUs used in PCs and data center servers and will use FPGA expertise from Xilinx to broaden its portfolio. AMD recently reported $16.4 billion in 2021 revenue, with $4.83 billion the in fourth quarter, a 49% increase year-over-year.
The combined company will have about 15,000 employees.
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