Richtek Technology Corporation cancelled the acquisition of Power Management Solutions Product Line assets from Intel Corporation.
July 26, 2021
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Richtek Technology Corporation entered into an agreement to acquire Power Management Solutions Product Line assets from Intel Corporation (NasdaqGS:INTC) for approximately $85 million on November 16, 2020. The consideration will be paid at closing of the transaction. The acquisition will help expand overall product portfolio; provide enterprise level high frequency, high efficiency power management devices for FPGAs, SoCs, CPUs, and ASICs; broaden the operating scale; enhance operating performance and competitiveness. The transaction financing will include but not be limited to Richtek Technology's own source of funds, bank loans or other sources.
The transaction completion is subject to completion of relevant legal procedures. The transaction was approved by the Board of Directors of Richtek Technology. The transaction is expected to close in the fourth quarter of 2020. Kun-Kuang Hsu of IP International acted as fairness opinion provider to Richtek Technology. Todd Schneider, Jason Hill, Jason Rabbitt-Tomita, Choe, Bill, Jason Rednour, Jane Song, Stephen Harris, Jeffrey Ii, Todd Schwartz, Douglas Schaaf of Paul Hastings LLP acted as legal advisor to Richtek Technology Corporation. Orrick, Herrington & Sutcliffe LLP acted as legal advisor to Intel Corporation in the transaction.
Richtek Technology Corporation cancelled the acquisition of Power Management Solutions Product Line assets from Intel Corporation (NasdaqGS:INTC) on July 27, 2021.
Intel Corporation is the world leading manufacturer of semiconductor. Net sales break down by family of products and services as follows:
- computing architectures products (93.2%): processors and microprocessors (Pentium, Intel Xeon brands, etc.), graphics cards, chips and motherboards, connectivity products, cellular modems, Ethernet controllers, network components, storage products, etc. for PCs, servers, data centers, cloud networks, workstations, notebooks, Internet of Things, graphics architectures, intelligent peripherals and communications infrastructures. The group also develops associated software;
- advanced driving assistance and autonomous driving systems (3.8%; Mobileye);
- wafer manufacturing services (1.8%): accelerators, monolithic chips, silicon wafers, etc. The group also offers chiplet software and mask manufacturing equipment for advanced lithography;
- other (1.2%).
Net sales (including intragroup) are distributed geographically as follows: the United States (25.7%), China (27.4%), Singapore (15.9%), Taiwan (12.7%) and other (18.3%).