China's Fujian Grand Chip Investment Fund LP (FGC) and German semiconductor equipment maker Aixtron (AIXGn.DE) said on Monday that FGC will buy Ai Siqiang at a price of 6 euros per share, including net cash. Ai Siqiang's valuation is about 670 million euros ($752 million).
Compared with Ai Siqiang's three-month volume-weighted average share price, the purchase price premium is about 51%. The transaction news boosted Axon's share price by 20% in pre-market trading of brokerage Lang & Schwarz.
“With the support of FGC, we have found a strong partner to provide a deep understanding of the local market to support our business goals in Asia,†said Kim Schindelhauer, Chairman of the Supervisory Board of Ai Siqiang in a statement. Said that the Supervisory Board fully supports the transaction.
Ai Siqiang said that the company's headquarters will still be located in Herzogenrath, Germany, and will maintain three technical centers in Germany, Cambridge, England and Sunnyvale, California.
After the completion of the acquisition, Ai Shiqiang CEO Martin Goetzeler and Chief Operating Officer Bernd Schulte will remain in office.
The FGC will provide approximately 1.7 billion yuan ($260 million) or approximately 231 million euros in equity financing, and the remaining acquisition funds will come from debt financing.
Germany AIXTRON is a leading global deposition equipment supplier for the semiconductor industry, covering compound semiconductors, silicon semiconductors, organic semiconductors, and nanotechnology.
In March of this year, Ai Siqiang published a new OVPD (OrganicLarge Area Demonstrator), which is considered to have reached an important milestone in process technology. The system has been internally tested in the past few months and has performed well in some cases and is now available for initial customer testing.
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