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A proposed merger between Advanced Semiconductor Engineering (ASE) and Siliconware Precision Industries (SPIL) is still being reviewed by anti-trust authorities in China and the US despite the recent approval by Taiwan’s Fair Trade Commission (FTC). The pair is unlikely to gain approval from the two major markets until the end of 2017, according to market sources.
ASE’s merger with SPIL is expected to have a positive rather than a negative impact on Taiwan’s IC packaging and testing sector, said Taiwan’s FTC, which recently approved the proposed merger between the two back-end semiconductor firms.
Anti-trust approvals in China and the US will be critical for the ASE-SPIL merger, which will create the world’s largest IC backend house widening the market gap against rival companies including Amkor Technology of the US and China-based Jiangsu Changjiang Electronics Technology (JCET), the sources indicated.
Amkor Taiwan president Mike Liang was quoted in previous reports saying the IC packaging and testing sector will continue its trend toward consolidation, and the company is positive about such development. Amkor is currently the world’s second-largest provider of contract semiconductor assembly and test services, trailing behind ASE and being followed by SPIL.
Speculation circulated earlier in 2016 that Amkor is being targeted by China’s Nantong Fujitsu Microelectronics (NFME) for acquisition. NFME previously acquired an 85% share of AMD’s backend operations in Penang, Malaysia and Suzhou, China for a total of approximately US$371 million.
JCET in 2015 took over Singapore’s STATS ChipPAC, which was previously the world’s fourth-largest OSAT company.
ASE and SPIL in mid-2016 agreed to merge through the formation of a parent holding company, which will allow both firms to keep their legal entities and retain their existing operation models. The new holding company will own ASE through a share swap and acquire SPIL in an all-cash deal. Upon completion, both ASE and SPIL will be delisted while the holding company will trade its shares in Taiwan and ADS on New York Stock Exchange.
ASE and SPIL expect their merger deal to complete by the fourth quarter of 2017.
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