An investor consortium led by Chinese private equity firm Beijing Shanhai Capital Management Co, Ltd. has completed its US$500 million acquisition of Analogix Semiconductor, Inc., a Santa Clara, California-headquartered chipmaker for portable devices such as smartphones, cards and displays.
China Integrated Circuit Industry Investment Fund Co., Ltd. (China IC Fund), is one of Shanhai Capital’s limited partners in the deal. The fund was established in 2014 by CDB Capital, China Tobacco, China Mobile and other state-owned enterprises to invest and help advance the country's semiconductor industry.
"As Analogix’s key financial partner and investor, we look forward to leveraging our resources to accelerate the company’s growth into new markets,” said Zhao Xianfeng, chairman of Shanhai Capital, in an announcement. "We will build on the strength of the company’s core technology and customer relationships to create an exceptional semiconductor company that will be publicly listed in China."
The company did not disclose when or on which Chinese market the IPO is planned.
"We are very pleased to have completed the transaction," said Dr. Kewei Yang, Analogix Semiconductor’s chairman and CEO. "Enhanced by the strong financial support of our new investors, Analogix’s future is brighter than ever. We are excited to continue building and growing Analogix into a global leader in high-performance semiconductors."
The deal was announced last September by Analogix, which was backed by DCM Ventures, Globespan Capital Partners, Keytone Ventures, and the Woodside Fund. The April 2017 closing date is later than the original end of 2016 target for completion.
Analogix makes high-speed, mixed-signal semiconductor integrated circuits (ICs) for high-performance display applications used in mobile devices, virtual and augmented reality (VR/AR), and other electronic products.
The company, which has the majority of its engineering operations located in Beijing, China, supplies leading brands such as Apple, Samsung, LG, Microsoft, Google, and Lenovo.
Beijing-based Shanhai Capital is a buyout fund in healthcare and technology managing RMB-denominated funds. There is currently no information available on the company's background and management team.