Jiangsu CAS-IGBT Technology Co., Ltd. is a group focusing on the research, design and development of new power and electronic chips such as IGBT (Insulated Gate Bipolar Transistor) and FRD (Fast Recovery Diode).
"We are setting the stage for a new era and we are satisfied with it," said Sergio Galbiati and Guenther Ernst, respectively Vice-Chairman and CEO of LFoundry. “The technological and production capacity of the Avezzano plant (specially focused on the automotive sector, but also on security and industrial field with applications such as CMOS image sensors, smart power, embedded memory and others) will provide Jiangsu CAS-IGBT a unique platform from which to grow existing and new Lines of Businesses that will allow for the potential of a brighter future in Avezzano by serving a more diverse set of applications."
The HK stock exchange document filed by SMIC says: "The Consideration is USD112,816,089, which was determined after arm’s length negotiation between the Vendor and the Purchaser by reference to fair value of LFoundry per the Company internal analysis and research, including the investment costs of a newly set up 200mm wafer fabrication facility, valuation of the property, plant and equipment and the market value of other 200mm wafer fabrication facility. The Directors consider that the Consideration is fair and reasonable and in the interest of the Company and its shareholders as a whole.
In accordance with the International Financial Reporting Standards, the net loss before or after taxation (unaudited) of the Target Group for the financial year ended 31 December 2018 and the financial year ended 31 December 2017 were USD8.1 million and USD14.9 million, respectively.
The unaudited total asset value of the Target Group as at 31 December 2018 was USD256.2 million."
The formal acquisition finalization is scheduled for the end of June.
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