AUSTIN, TX -- Freescale Semiconductor Inc., the semiconductor spinoff of Motorola, will be acquired by a group of private equity firms in a deal worth some $17.6 billion.

The Blackstone Group, The Carlyle Group, Permira Funds and Texas Pacific Group -- will purchase all outstanding Class A and B shares of Freescale for $40 per share, thereby taking the company private.  

Freescale's board has unanimously signed off on the deal. However, an out clause allows the company to go after other proposals during the next 50 calendar days. Freescale would have to pay a break-up fee should it call off the buyout.

Freescale is one of the largest IC makers in the world, with $5.8 billion revenue in 2005.

Another group, this one involving Kohlberg Kravis Roberts and Silver Lake Partners, was reportedly also in the running for Freescale. KKR also owns NXP Semiconductor, which was formerly part of Philips.