TT&A and AZB & Partners have advised on the Indian leg of the TT&A AZB ams-OSRAM Infineon acquisition, one of the more significant cross-border semiconductor deals to close in 2026. Infineon Technologies AG completed its acquisition of the non-optical analog/mixed-signal sensor portfolio from ams-OSRAM Group for €570 million on a debt-free, cash-free basis. The transaction closed on 1 July 2026, having received all necessary regulatory approvals.
Introduction
ams-OSRAM AG sold its non-optical analog/mixed-signal sensor business to Infineon Technologies AG for €570 million. The Indian component of the transaction involved the sale of shares of ams Semiconductors India Private Limited, a wholly owned subsidiary of ams-OSRAM AG, to an Indian subsidiary of Infineon Technologies.
Infineon Technologies AG is listed on the Frankfurt Stock Exchange (FSE: IFX) and the OTCQX (IFNNY). ams-OSRAM is an Austrian semiconductor manufacturer acting as a global leader in digital photonics and pioneering advanced light and sensor solutions. Infineon Technologies is a German company designing and manufacturing semiconductor devices.
The deal was first announced in February 2026 and subsequently obtained all required regulatory approvals. The global transaction was led by Linklaters for ams-OSRAM and Gleiss Lutz for Infineon Technologies. Gleiss Lutz advised Infineon as lead counsel together with Cravath, Swaine & Moore (United States and United Kingdom), Schoenherr (Austria), Walder Wyss (Switzerland), AZB & Partners (India), Zhong Lun (China), and Garrigues (Spain).
Deal Value
The purchase price was €570 million on a debt-free and cash-free basis. The acquired business is expected to produce around €230 million in revenue in calendar year 2026 and is accretive to earnings-per-share upon closing, with future synergies expected to enable further value creation.
Legal Teams Involved
Indian Counsel — ams-OSRAM: Talwar Thakore & Associates (TT&A)
TT&A advised ams-OSRAM on the Indian leg of the transaction. The transaction team consisted of:
- Kunal Thakore — Partner
- Pratika Shankar — Partner
- Aanchal Kabra — Associate
Indian Counsel — Infineon Technologies: AZB & Partners
AZB & Partners advised Infineon Technologies on the Indian leg of the transaction. The transaction was led by:
- Darshika Kothari — Senior Partner
- Divya Mundra — Senior Partner
Global Counsel — ams-OSRAM: Linklaters
Linklaters advised ams-OSRAM on the overall global transaction. The transaction was led by:
- Stephan Oppenhoff — Partner
Global Counsel — Infineon Technologies: Gleiss Lutz
Gleiss Lutz advised Infineon Technologies on the overall global transaction. The transaction team was led by Dr. Ralf Morshäuser (Partner) and Dr. Tobias Falkner (Counsel, both M&A), and consisted of:
M&A team:
- Dr. Melina Grauschopf
- Dr. Pirmin Schreiner
- Niklas Schobel
- Kai Zimutta
Tax team:
- Dr. Stefan Mayer — Partner
- Dr. Ocka Stumm — Partner
- Dr. Dominik Monz — Counsel
IP team:
- Dr. Matthias Werner — Partner
- Dr. Johannes Bernhardt
- Magdalena Rauch
Antitrust team:
- Dr. Moritz Holm-Hadulla — Partner
- Dr. Antonia Hagedorn
- Dr. Marcel Zober
Foreign Investment Control:
- Aylin Hoffs — Counsel
Employment team:
- Dr. Steffen Krieger — Partner
- Dr. Jonas Hofer — Parnter
Finance:
- Dr. Eva Reudelhuber — Partner
In-House — Infineon Technologies
The in-house legal team of Infineon Technologies was led by Michael Steinbach (Legal M&A).
Significance and Impact
With the acquisition, Infineon strengthens its position as a leader in sensors for industrial and automotive applications through a complementary portfolio and expands its product range in medical applications. As part of the transaction, around 230 employees focused on research and development and business management have joined Infineon.
The deal also adds three locations in Valencia, Spain; Rapperswil, Switzerland; and Hyderabad, India. The Hyderabad addition gives the transaction a direct operational footprint in India, making the Indian law advice provided by TT&A and AZB & Partners a particularly consequential element of the overall structure. Infineon has said the portfolio will be incorporated into its newly established Edge Systems division, which brings together sensors, compute, connectivity, and security for system-level solutions at the edge.
For ams-OSRAM, the divestiture supports its strategic refocusing towards creating the leader in Digital Photonics, outlining its ambition to emerge as a focused semiconductor photonics powerhouse. The €570 million cash proceeds will support ams-OSRAM’s ongoing portfolio transformation and accelerate its deleveraging programme.
For further tracking of Indian M&A mandates, see the Deal Meter.
The closing of this €570 million transaction marks a notable cross-border semiconductor deal with material Indian dimensions — both in terms of the share sale of ams Semiconductors India Private Limited and the addition of Infineon’s new Hyderabad location. Manufacturing facilities are not included in the transaction, and ams-OSRAM will continue to provide manufacturing services to Infineon for a transitional period. The mandate further underscores the growing role of Indian counsel in structuring the domestic legs of complex, multi-jurisdictional technology acquisitions.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
