17 December, 2019
Davis Polk is advising Universal Scientific Industrial (Shanghai) Co., Ltd. on its acquisition of Asteelflash. Under the terms of the transaction agreement, USI will acquire 100% of the equity interests in Asteelflash for an aggregate consideration of $450 million, of which 89.6% will be paid in cash and 10.4% will be paid through the issuance of shares in USI to the holding company of Asteelflash’s founder. The closing of the transaction is subject to the receipt of applicable regulatory approvals and other customary closing conditions.
USI is listed on the Shanghai Stock Exchange and is a world-leading System in Package manufacturing company, offering customers diversified products in the wireless communication, computer and storage, consumer, industrial and automotive electronics sectors. USI’s parent company is ASE Technology Holding Co., Ltd., a leading provider of independent semiconductor assembling and test manufacturing services, headquartered in Taiwan. Headquartered in France, Asteelflash is a global electronic manufacturing service company dedicated to segments such as automotive, energy management, the Internet of Things, industrial and data processing.
The Davis Polk corporate team includes partner James C. Lin, counsel Sam Kelso, registered foreign lawyers Mo Zhou, Shifeng Ni and Andrea Feuer. Members of the Davis Polk corporate team are based in the Hong Kong and Beijing offices.
