Teamasia Semiconductors Acquires Majority Stake in IMP Inc.
Teamasia Semiconductors (India) has acquired a majority stake in US-based semiconductor maker IMP Inc. (San Jose, CA), according to HBSC Group, who substantially funded the deal. HBSC claims the transaction would give Teamasia and IMP opportunities in the high-growth analog and discrete semiconductor markets in North America, Europe and Asia.A statement released by HBSC claims: "Funds managed by HSBC Private Equity (Asia) and HSBC Private Equity Management (Mauritius) have together invested $20 million in Teamasia in return for a 62 percent interest in the company. Teamasia will use part of this investment to fund its recently approved acquisition of approximately 61 percent of IMP's outstanding common stock."According to the statement, IMP shareholders have approved of the deal, which would help the company leverage design skills available in India.