Koninklijke Philips Electronics has completed the sale of an 80.1 percent stake in its chip division to a group of private investment houses, the company said Saturday.The stake in NXP Semiconductors, the new name of the chip unit, was sold to a group including Kohlberg Kravis Roberts & Co. (KKR), Silver Lake Partners and AlpInvest Partners. Philips expects to take in 6.4 billion euros (US$8.12 billion) in cash from the sale, after taxes. The European electronics giant will keep a 19.9 percent share of the business.Philips said the deal places the value of NXP at 8.3 billion euros. SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe There have been a number of chip industry deals this year, including a US$17.6 billion offer for Freescale Semiconductor last month. In July, Intel sold its communications and application processor business to Marvell Technology Group for $600 million, and earlier this year, PMC-Sierra acquired the storage semiconductor business formerly owned by Agilent Technologies for $425 million. -Dan Nystedt, IDG News Service (Taipei Bureau)Related Links: Intel Sells Communications Unit to Marvell for $600M Freescale Accepts $17.6B Equity BuyoutCheck out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content feature Gen AI success starts with an effective pilot strategy To harness the promise of generative AI, IT leaders must develop processes for identifying use cases, educate employees, and get the tech (safely) into their hands. By Bob Violino Sep 27, 2023 10 mins Generative AI Innovation Emerging Technology feature A fluency in business and tech yields success at NATO Manfred Boudreaux-Dehmer speaks with Lee Rennick, host of CIO Leadership Live, Canada, about innovation in technology, leadership across a vast cultural landscape, and what it means to hold the inaugural CIO role at NATO. By CIO staff Sep 27, 2023 6 mins CIO IT Skills Innovation feature The demand for new skills: How can CIOs optimize their team? By Andrea Benito Sep 27, 2023 3 mins opinion The CIO event of the year: What to expect at CIO100 ASEAN Awards By Shirin Robert Sep 26, 2023 3 mins IDG Events IT Leadership Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe