Piotech has published the draft restructuring report for its purchase of Wuxi Shangji Semiconductor Technology, setting a total price of RMB2.5bn for all of the deposition and etch equipment maker.
Why Piotech (Tuojing Technology) is buying Wuxi Shangji Semiconductor Technology (100%, incl. holding vehicles)
Piotech said the deal would quickly fill gaps in its core product line and extend its coverage of mainstream thin-film deposition processes and 3D integration equipment. It expects the two businesses to share sales, supply chain and R&D.
Deal terms and financing
Piotech will buy 82.97% of Wuxi Shangji for about RMB2.105bn, and two holding vehicles, Shanghai Tainawei and Wuxi Kuanxing, which own the rest, for about RMB268m and RMB127m. Payment is in new shares and cash. Wuxi Shangji was valued at RMB2.5bn, a 289.84% premium to book value.
Regulatory approvals and timing
The deal is not a related-party transaction or a major asset restructuring. It needs approval from Piotech shareholders and the Shanghai Stock Exchange, and registration with the CSRC.
