Singapore's UTAC Shareholders Approve TPG-Led Buyout Offer

Shareholders of Singapore's United Test & Assembly Center have approved an offer by private equity firms TPG Capital and Affinity Equity Partners to buy the firm for $1.4 billion, shareholders told Reuters.

Some investors had initially opposed the deal, saying the price offered by the consortium had undervalued the semiconductor testing and assembly services provider.

In June, the two buyout firms said they would offer S$1.20 a share for microchip-testing firm UTAC, valuing the company at S$2.2 billion (S$1.4 billion).

ABN AMRO, JPMorgan and Merrill Lynch advised the private equity firms on the deal and are also arranging the financing for the buyout.