Ayala unit completes acquisition of majority stake in PSi

ABS-CBN News

Posted at Oct 07 2010 02:30 PM | Updated as of Oct 07 2010 11:07 PM

MANILA, Philippines - Integrated Micro-Electronics Inc. (IMI), a unit of Ayala Corp., has completed its acquisition of a majority stake in an independent semiconductor assembly and test-service provider.

IMI and private investment firm Narra Venture Capital II (NarraVC) jointly acquired 67% of PSi Technologies Inc. for $30 million.

IMI now owns 56% of the semiconductor firm, while NarraVC holds the remaining 11%.

"The acquisition of PSi gives us a foothold in the growing convergence of power semiconductor assembly and test services and EMS (electronics manufacturing services)," said IMI president and chief executive Arthur Tan.

IMI is a leading provider of EMS to the world's key original equipment manufacturers (OEMs).

Tan added: "With a complementary capability to change the process of how a power semiconductor is built, we can now offer OEMs an optimized power solution in a multichip module that combines the manufacturing expertise of IMI and PSi."

Tan said IMI will now be able to serve emerging markets like electric vehicle, smart power, and smart sensor technologies.