April 24, 2025 /SemiMedia/ — Private equity firm Wise Road Capital is weighing a potential sale of UTAC Holdings Ltd., a Singapore-based semiconductor packaging and testing company, in a deal that could be valued around $3 billion, according to people familiar with the matter.

The Beijing-headquartered firm has hired an external advisor to explore strategic options, though the process remains in its early stages. If completed, the transaction could mark a significant reshuffling in the global outsourced semiconductor assembly and test (OSAT) industry.

UTAC operates production facilities across Singapore, China, Indonesia, and Thailand, offering a range of backend semiconductor services including wafer-level and system-in-package testing. Its customer base spans major integrated device manufacturers (IDMs) and foundries across key global markets.

Wise Road Capital acquired UTAC in 2020 from Affinity Equity Partners and TPG as part of its effort to deepen investments in the semiconductor supply chain. The firm has positioned itself as a global investor focused on core semiconductor technologies and emerging advanced tech sectors.

As supply chains diversify and geopolitical pressures reshape the semiconductor landscape, packaging and testing capabilities have become increasingly strategic. The proposed sale signals growing capital market interest in OSAT providers that can offer both geographic resilience and technical sophistication.