Piotech to Take Full Control of Chip Equipment Maker in Share, Cash Deal

MT Newswires Live07-13 10:55

Piotech (SHA:688072) plans to acquire full control of its smaller peer, Wuxi Shangji Semiconductor, by purchasing an 82.97% stake in the company and 100% equity in its two holding platforms, Shanghai Taina and Wuxi Kuanxing, according to a weekend filing with the Shanghai bourse.

The semiconductor device manufacturer will fund the transaction through a mix of share issuance and cash payments. Piotech also plans to raise supporting funds from up to 35 specific investors.

The company's largest shareholder, the National Integrated Circuit Industry Investment Fund, along with directors and senior management, have committed to a share lock-up during regulatory investigations.

The deal remains subject to board and shareholder approvals as well as regulatory clearances.

Piotech's shares rose 5% in recent trade.

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