Privately held Canadian technology firm Future Electronics has been sold to Taiwanese semiconductor distributor WT Microelectronics Co. (TPE:3036) for $5 billion.
The sale of Montreal-based Future Electronics comes as the company’s founder and owner, Robert Miller, faces a class-action lawsuit alleging he paid underage girls for sex.
WT Microelectronics announced that it signed an agreement to acquire 100% of the company's shares for $3.8 billion U.S., which is equal to $5.14 billion Canadian dollars at current exchange rates.
The acquisition is an all-cash deal and expected to close in early 2024.
Future Electronics had been wholly owned by Miller who is based in Montreal. The company currently has 5,200 workers in more than 40 countries worldwide.
Founded by Miller in 1968, Quebec-based Future Electronics generated $2.9 billion U.S. in revenue and $184 million U.S. in profits in the first half of this year, according to the company.
A class-action lawsuit filed against Miller by 30 women alleges he gave them money in exchange for sex when they were underage.
Miller has denied all accusations, which have not been proven in court. Earlier this year, he stepped down as chairman and chief executive officer (CEO) of Future Electronics.
WT Microelectronics’ stock, which trades only in Asia, has risen 30% over the last 12 months.
Tech Insider
