Microchip Technology sells mobile touch assets to Solomon Systech Limited
Microchip Technology Inc. announced an agreement to sell certain Mobile Touch business assets to Solomon Systech Limited, a Hong Kong based semiconductor company. Solomon Systech engages in the development and sale of display panel drivers, high speed interfaces, graphic controllers and other semiconductor products including touch controllers, and integrated touch and display drivers for all applications.
The transaction included the sale of certain semiconductor products, equipment and patents; and a license to certain other intellectual property and patents related to Microchip’s Mobile Touch product line. Microchip also agreed to provide certain transition services to Solomon Systech. This transaction is expected to close within approximately two weeks upon the satisfaction of certain customary closing conditions.
“This transaction culminates Microchip’s previously announced plans to sell the non-core Mobile Touch assets that came to us through the Atmel acquisition. We are very pleased that we were able to consummate this transaction in a timely manner,” said Steve Sanghi, Microchip’s Chairman and CEO.
Mr. Sanghi added, “This transaction should have no impact on our continuing operations. The results from the Mobile Touch Business sold to Solomon Systech have been classified as assets held for sale since April 4, 2016, and were not included in our results from continuing operations.”