April 1 (SeeNews) - Semiconductor Manufacturing International Corporation (SMIC) said that its unit SMIC Shanghai (Cayman) Corporation has agreed to sell several subsidiaries, including Bulgaria-based ones, to China's Jiangsu CAS-IGBT Technology Co. for $112.8 million (100.3 million euro).
Besides Bulgaria-based SMIC Sofia and LFoundry Sofia, the transaction includes SMIC Shanghai (Cayman) Corporation's stake in SMIC Hong Kong International Limited, LFoundry, and Consorzio Delta Ti Research, the Cayman Islands-registered SMIC said in a filing to the Hong Kong Stock Exchange on Sunday.
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The deal, which is subject to the fulfilment of several conditions, is expected to be closed on June 28.
The price will be paid in three tranches - $60 million upon closing, $26.4 million on September 30, and $26.4 million on December 30.
SMIC Sofia is a design service center developing an auto-related intellectual property platform. LFoundry Sofia specialises in CMOS Image Sensor development and production.
($ = 0.8895 euro)