ASE Technology Holding Co (日月光投資控股), the world’s largest integrated circuit (IC) packaging and testing services provider, has agreed to sell a stake in its Suzhou subsidiary to Tsinghua Unigroup Ltd (清華紫光), a Chinese IC giant backed by Beijing.
In a statement released on Friday, ASE Technology said it would sell a 30 percent stake in Suzhou ASEN Semiconductors Co (蘇州日月新半導體) to Tsinghua Unigroup for about US$95.33 million, with the deal expected to be concluded in 10 days.
That would leave ASE Technology with a 70 percent stake in the Suzhou company.
The sale aims to build a strategic partnership with Tsinghua Unigroup to help ASE Technology penetrate China’s fast-growing semiconductor market, the Taiwanese company said.
The proceeds would be used as working capital and for its investments in Taiwan, it said.
Suzhou ASEN was founded in 2007 as a joint venture between Advanced Semiconductor Engineering Inc (日月光半導體), now a unit of ASE Technology, and Netherlands-based NXP Semiconductors NV to provide IC packaging and testing services in China.
Advanced Semiconductor had a 60 percent stake and NXP 40 percent, but Advanced Semiconductor in March bought back the 40 percent stake from NXP to take the Suzhou unit fully under its corporate umbrella.
Tsinghua Unigroup is keen to expand its portfolio of chip technologies in a wide range of fields, including communications, the Internet of Things and radio frequency identification, analysts said.
Having Tsinghua Unigroup as a shareholder would diversify Suzhou ASEN’s ownership, which is expected to increase the odds of the Suzhou subsidiary listing in China.
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