Davis Polk Advises Universal Scientific Industrial on Its Acquisition of Asteelflash
12/12/2019

Davis Polk is advising Universal Scientific Industrial (Shanghai) Co., Ltd. on its acquisition of Asteelflash. Under the terms of the transaction agreement, USI will acquire 100% of the equity interests in Asteelflash for an aggregate consideration of $450 million, of which 89.6% will be paid in cash and 10.4% will be paid through the issuance of shares in USI to the holding company of Asteelflash’s founder. The closing of the transaction is subject to the receipt of applicable regulatory approvals and other customary closing conditions.

USI is listed on the Shanghai Stock Exchange and is a world-leading System in Package manufacturing company, offering customers diversified products in the wireless communication, computer and storage, consumer, industrial and automotive electronics sectors. USI’s parent company is ASE Technology Holding Co., Ltd., a leading provider of independent semiconductor assembling and test manufacturing services, headquartered in Taiwan. Headquartered in France, Asteelflash is a global electronic manufacturing service company dedicated to segments such as automotive, energy management, the Internet of Things, industrial and data processing.

The Davis Polk corporate team includes partner James C. Lin, counsel Sam Kelso and registered foreign lawyer Andrea Feuer. Partner Christophe Perchet and counsel Juliette Loget are providing French law advice. Partner Frank J. Azzopardi is providing intellectual property and technology advice. Counsel Alon Gurfinkel is providing tax advice. Counsel David Zilberberg is providing environmental law advice. Counsel Stephen I. Brecher is providing executive compensation advice. Counsel Nicholas Spearing is providing antitrust and competition advice. Members of the Davis Polk team are based in the Hong Kong, Paris, New York and London offices.