Spreadtrum Communications Agrees To Be Acquired By Tsinghua In $1.78 Bln Deal

(RTTNews) - Spreadtrum Communications Inc. (SPRD), a semiconductor provider in China with advanced technology in 2G, 3G and 4G wireless communications standards, announced Friday that it agreed to be acquired by Tsinghua Unigroup for US$31.00 per American Depositary Share or US$10.33 per Ordinary Share, each American Depositary Share representing three Ordinary Shares. The deal values Spreadtrum's equity at about US$1.78 billion, on a fully diluted basis.

Spreadtrum stated that its board unanimously approved the merger agreement and recommends that the Company's shareholders vote to approve the merger agreement. Spreadtrum noted that it expects to hold a special meeting of its shareholders to consider and act upon the proposed transaction as promptly as practicable.

The transaction is subject to approval by the shareholders of Spreadtrum, and antitrust and other regulatory approvals, and is not subject to any financing condition.

Tsinghua Unigroup Ltd. is an operating subsidiary of Tsinghua Holdings Co. Ltd., a solely state-owned limited liability corporation funded by Tsinghua University in China. Tsinghua Holdings Co. Ltd. is the controlling shareholder of Tsinghua Unigroup.