MANILA, Philippines - Integrated Micro-Electronics Inc. (IMI), the Ayala group's electronics manufacturing services unit, has agreed to buy the subsidiaries of EPIQ NV in Bulgaria, Mexico and Czech Republic for an estimated 43 million euros.
In a statement, IMI said it would pay in cash and 200 million new common shares representing approximately 12% of the company after the transaction.
IMI said the acquisition, which is part of its efforts to bring its services closer to key clients, would be made through its unit, Coöperatief IMI Europe U.A.
"IMI is pursuing this value-enhancing acquisition to expand its customer base and to support its market specialization strategy in the automotive and industrial segments," said IMI president and CEO Arthur Tan.
"As regional manufacturing picks up steam, we are expanding our operations to locations near our global customers in Europe and North America to be of better service to them," he added.
After the transaction, EPIQ CEO Gilles Bernard will join IMI's management team.
"We look forward to providing EPIQ and IMI customers the access to a vastly increased range of facilities and capabilities," said Bernard.
The acquisition is expected to be completed no later than the fourth quarter of 2011. ING Bank N.V. is acting as financial advisor to IMI in the transaction.