Singapore's Stats ChipPAC is set to announce plans for a sale to Chinese firm Jiangsu Changjiang for an enterprise value of about $1.8 billion, according to a source familiar with the matter.
Controlling shareholder Temasek and Stats ChipPAC will enter exclusive discussions with the Chinese group and plan to announce a voluntary general offer in late November. There will be an undertaking by Temasek to tender its 83.3% stake, the source added.
The deal is expected to be the largest outbound China semiconductor deal in history. Citi is sole advisor to Stats ChipPAC on its sale. Deutsche Bank is advising Jiangsu Changjiang. Stats ChipPAC stock is currently halted from...
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