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NXP will try to raise $1bn

Dutch chipmaker NXP BV plans to raise at least $1bn (£670m) to cut debt. It has hired Morgan Stanley, Barclays, Credit Suisse Deutsche Bank and Goldman Sachs to help run the sale.

A consortium including KKR, Bain Capital and Apax Partners snapped up an 80 per cent stake in NXP BV in 2006 in a deal valuing the firm at £7.5bn. The investment in the firm that makes chips for companies including Nokia is now worth just a third of the original value.

NXP’s revenue fell to just £2.5bn last year.