WT Semiconductor Pte. Ltd. entered into a definitive agreement to acquire Excelpoint Technology Ltd. (SGX:BDF) for approximately SGD 230 million on April 13, 2022. In consideration, each of the Excelpoint Technology Shareholders as at the record date will be entitled to receive for each Excelpoint Technology Share at SGD 1.93 in cash. The founder and Chief Executive Officer of Excelpoint, Albert Phuay, will reinvest part of the cash consideration due to him under the Scheme in 20% equity of the WT Semiconductor Pte. Ltd., with the balance 80% stake owned by WT. Albert Phuay will continue to be the Chief Executive Officer of Excelpoint. The transaction is subject to approvals of Excelpoint shareholders, approval from third parties, approval from the Taiwan Investment Commission, Ministry of Economic Affairs and relevant regulatory authorities as well as the sanction of the Scheme by the Singapore High Court. The transaction is expected to close in mid September 2022. As of July 5, 2022, the transaction is approved by SGX-ST. DBS Bank Ltd. acted as financial advisor for WT Semiconductor Pte. Ltd. SAC Capital Private Limited has been appointed as the Independent Financial Adviser to advise the Independent Directors of Excelpoint Technology Ltd. for the purposes of making a recommendation to the ExcelpointÆs shareholders in connection with the Scheme.
WT Semiconductor Pte. Ltd. completed the acquisition of Excelpoint Technology Ltd. (SGX:BDF) on September 6, 2022.