Two Chinese Foundries Have Completed A Merger

Hua Hong Semiconductor Ltd. and Grace Semiconductor Manufacturing Corp., China’s second and third largest foundries behind Semiconductor Manufacturing International Corp., said Thursday (Dec. 29) that they completed a merger between the two companies.
Hua Hong and Grace entered into a legally binding agreement to effect a merger between the two companies on Sept. 13, the companies said. The merger was completed with a stock-for-stock transaction, with Hua Hong issuing new shares to the existing shareholders of Grace in exchange for all Grace outstanding shares. Other terms of the agreement were not disclosed.

 

Reuters reported the neogitation few weeks ago and we can confirm that the merger has gone through.

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