Acer has started its withdrawal from the semiconductor industry by selling off a 30 per cent stake in its chip manufacturing unit to Taiwan Semiconductor Manufacturing (TSMC).
Under the terms set out in the letter of intent, TSMC will purchase the 30 per cent share of Acer Semiconductor Manufacturing (ASMI) for £105 million, or 18p per share. Acer Group will retain a 30 per cent share of ASMI but will relinquish the management of the company to TSMC.
The company, which will be renamed TSMC-Acer Semiconductor, will expand the size of its board of directors to nine, with four from TSMC and three from Acer. The chairman will be selected from the four TSMC representatives.
The deal, which will be completed in July, will also see a change of direction for the company. Until now, ASMI mainly manufactured DRam, but since TSMC's intervention, it now intends to move towards wider ranging, more logic-based processes. ASMI plans a cash offering of between £153 million and £192 million to fund the purchase of the necessary manufacturing equipment.
Stan Shih, chairman and chief executive of Acer, said: 'After TSMC takes the lead in ASMI's management, Acer can concentrate on developing its PC, peripherals and key components business, and exploring opportunities in intellectual property and digital service.
Also, Acer can focus on reinforcing its integrated circuit (IC) design innovation.'
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