WT Microelectronics and Excelpoint Technology, well-known electronic components distributors in the Asia-Pacific region, jointly announced yesterday that WT Microelectronics will acquire a 100% stake in Excelpoint Technology through its 100% subsidiary WT Semiconductor Pte. Ltd. for a total amount of SGD 232.2 million (approximately US$171 million).
Mr. Albert Phuay, founder and CEO of Excelpoint Technology, will reinvest part of the cash obtained through this transaction into WT Semiconductor's 20% stake, while WT Microelectronics will hold 80% of WT Semiconductor's equity, Mr. Albert Phuay will Remaining CEO of Excelpoint.
WT Microelectronics pointed out that this transaction is expected to bring strong comprehensive benefits for both parties. Through complementary product lines to strengthen business expansion, and more importantly, through the services of both parties' experienced teams, WT Microelectronics will be able to provide customers with a wider range of product solutions.
The transaction is expected to be completed in the third quarter of 2022, subject to the approval of Excelpoint Technology shareholders, relevant authorities, regulators and the Singapore High Court.