Canaccord Genuity Acts as Exclusive Financial Advisor to Future Electronics on its Announced US$3.8 Billion Sale to WT Microelectronics
Canaccord Genuity is pleased to announce that on September 14, 2023, its client, Future Electronics Inc. ("Future Electronics" or the "Company"), entered into a definitive agreement with WT Microelectronics Co., Ltd. (TAIEX: 3036) (“WT Microelectronics”) pursuant to which WT Microelectronics will acquire 100% of the shares of Future Electronics for an enterprise value of US$3.8 billion in an all-cash transaction.
WT Microelectronics intends to fund the transaction with a combination of cash on hand and committed debt financing. The transaction has been unanimously approved by WT Microelectronics’ Board of Directors and Future Electronics’ Board of Directors, and is expected to close in the first half of 2024, subject to customary closing conditions, including the receipt of required regulatory approvals. The combined company will operate with a dual-headquartered structure in Taipei and Montreal. WT Microelectronics has committed to retain Future Electronics’ management team and employees globally.
Future Electronics, a Canadian-based leading global distributor of electronic components, generated revenues of US$6.1 billion, operating profit of US$666 million and net income after tax of US$507 million for calendar year 2022. The privately-held company, with approximately 5,200 employees in 47 countries, provides customers with application engineering expertise and supply chain services covering a portfolio of electronics from industry leading suppliers.
WT Microelectronics, headquartered in Taiwan, is one of the leading and fastest growing semiconductor components distributors globally. WT Microelectronics partners with over 80 suppliers across every major technology segment to serve a highly diversified customer base of over 10,000 customers worldwide.