San Francisco — Applied Materials, one of the largest makers of machines used to manufacture semiconductors, said it has raised its offer for KKR-owned Kokusai Electric by 59%, citing higher valuations in a growing industry. It also extended the closing deadline by almost three months.

The US company will pay KKR $3.5bn, up from the originally agreed $2.2bn, for Kokusai, Applied said in a filing. The two parties have agreed to a new closing date of March 19 to allow for regulatory approval from China, the final remaining jurisdiction where sign-off is needed...

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