Palo Alto-Based Agilent to Sell Semiconductor Unit for $2.66 Billion

Palo Alto, Calif. -- Shares of Agilent Technologies rose nearly 15% on
Monday after the Palo Alto-based company announced plans to sell its
Semiconductor Products segment to Kohlberg Kravis Roberts & Co.
(KKR) and Silver Lake Partners for $2.66 billion. The deal will create the
largest privately-held independent semiconductor company in the world,
and will reposition Agilent as a "pure-play" measurement company. The
business supplies semiconductor components, modules and subsystems
for consumer and commercial electronics applications, and has about
6,600 employees worldwide. Agilent also announced plans to sell its
stake in Lumileds to Royal Philips Electronics for $950 million and spin
off its SOC and Memory Test businesses "as soon as practical in 2006."
Agilent said that it expects to reduce its infrastructure-related jobs by
about 1,300 as a result of the moves, which will save it about $450
million a year. The news sent shares of Agilent up nearly 15% in
extremely heavy trading.
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