Nuvoton Technology Corp (新唐科技) has completed its acquisition of Panasonic Corp’s semiconductor business with a US$250 million cash deal, the company said in a statement yesterday.
The transaction gives Nuvoton full ownership of Panasonic Semiconductor Solutions Co Ltd (PSCS) and Panasonic Semiconductor (Suzhou) Co Ltd, as well as related semiconductor equipment and inventory, it said.
Kyoto, Japan-based PSCS, which has been renamed Nuvoton Technology Corp Japan, is a major supplier of image sensors, digital signal processors, micro-controller units and battery management solutions, as well as radio frequency-gallium nitride and laser diodes.
Nuvoton has also taken over the assets, liabilities and contracts of Panasonic Industrial Devices Semiconductor Asia, the company said.
Nuvoton, a chip manufacturing arm of Winbond Electronics Corp (華邦電子), posted revenue of NT$5.19 billion (US$175.8 million) for the first half of this year, with micro-controller units accounting for 77 percent.
“The acquisition will help the company enhance its research-and-development capabilities to broaden its product portfolios and expand its market exposures globally,” Nuvoton said.
Nuvoton had expected to complete the transaction in June after it signed an agreement to acquire PSCS in November last year, but competition reviews by the regulators in Taiwan, China, Japan and Ukraine caused the deal to be delayed until yesterday, it said.
Nuvoton in May raised NT$2 billion by issuing unsecured convertible bonds to help finance the acquisition.
As of June 30, the company had NT$6.67 billion of cash and cash equivalents.
The company said that it expects the acquisition of PSCS to help it gain a foothold in the automotive and industrial automation industries, expanding its semiconductor business globally.
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