Vail shares to acquire Synaptics TDDI business for $120 million
On the evening of April 14th, Weir shares issued an announcement about the company’s increase in foreign investment and cash acquisition of assets, saying that the company held a board meeting on the same day, reviewed and approved the “Proposal on the Company’s Increase in Foreign Investment and Cash Acquisition of Assets”, and agreed that the company will use cash (hereinafter referred to as the “target company”) to increase the capital of Creative Legend Investments Ltd. (hereinafter referred to as “the target company”) by US$ 34 million, hold 70% of the equity of the target company with a total investment amount of US$ 84 million, and acquire Synaptics Incorporated (hereinafter referred to as “Synaptics”) through the target company Based on single-chip liquid crystal touch and Display driver integrated chip business in Asia (hereinafter referred to as “TDDI business” or “target business”).
According to the authorization of the board of directors, WILL semiconductor Limited (WILL semiconductor Limited, hereinafter referred to as “Hong Kong WILL”), an overseas wholly-owned subsidiary, and Suzhou Yiquan Huachuang Equity Investment Partnership (Limited Partnership) (hereinafter referred to as “WILL”) Yiquan Huachuang”) signed the “Shareholder Agreement” and jointly invested US$120 million to acquire the target business. Among them, Hong Kong Weil subscribed a capital contribution of 84 million US dollars, and Yanquan Huachuang contributed 36 million US dollars respectively.
Weil shares disclosed that Yiquan Huachuang is a special purpose vehicle (SPV) specially used for the acquisition of Synaptics TDDI business, and there are no other investment projects except this one; and this transaction does not constitute a related transaction, and the transaction amount has not reached the company’s recent 50% of the audited net assets of the first phase, the deliberation authority of this transaction falls within the scope of the duties and authority of the board of directors, and does not need to be deliberated by the company’s shareholders’ meeting.
It is understood that Synaptics, established in 1986, is a world-leading design and manufacturing company for mobile computing, communication and entertainment equipment human-machine interface interaction development solutions. Based on the company’s deep R&D investment in related fields, extensive intellectual property accumulation and reliable supply chain system, it has formed a rich product portfolio in the fields of touch, Display, biometrics, voice, audio and multimedia. Synaptics products combine ease of use, functionality, and aesthetics to create solutions for the mobile phone, laptop, smart home, and automotive markets. Synaptics went public on NASDAQ in 2002.
In 2014, Synaptics took the lead in introducing the concept of TDDI (Touch and Display Driver Integration), that is, the integration of touch and display drivers, making mobile Electronic devices thinner and lighter, with longer battery life, lower cost, and better display effects. After years of promotion by Synaptics, TDDI technology has become the mainstream technology for mobile terminal display and touch control, and its penetration rate is rapidly expanding.
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