Applied Materials to buy Kokusai for $2.2 billion to boost memory chip business

By Akanksha Rana (Reuters) - U.S. chip gear maker Applied Materials Inc on Monday agreed to buy Japanese peer Kokusai Electric for $2.2 billion from KKR & Co Inc, as it bets on rising demand for memory chips used in data centres, 5G phones and AI-powered devices. The acquisition comes against the backdrop of a glut in the memory chip market due to a decline in demand from smartphone makers that has squeezed prices and weighed on sales of chipmaking equipment

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