Genitech, a semiconductor equipment maker located in Daedeok Techno Valley, was acquired by ASM, a leading multinational semiconductor equipment company based in the Netherlands.
Genitech (http://www.genitech.co.kr) said on April 27 that it was merged by ASM for 18.4 million dollars, under the terms of absorbing all of its workers, raising their wages, and maintaining R&D functions and manufacturing facilities. All stakes of Genitech will be transferred to ASM at a price of 30 dollars per stock after appraisal of assets for about a month.
ASM will initially pay Genitech 50% of the contract money in cash and stock swap, and the other 50% over the next 5 years in installments. Maintaining present management structure, Genitech will serve as a local manufacturing operation of ASM.
With the merger by ASM, Genitech expects to infuse steady funds for development of new technologies and to get access to global distribution networks including the United States, Europe and Japan.
"As a means of upgrading the company, we chose M&A, and we selected ASM as the M&A partner as we believed it would enable us to push up growth in mutual prosperity," said Pak In-gyu, CEO of Genitech.