IMI buys 76% stake in VIA for P2.5 B

MANILA, Philippines - Integrated Micro-Electronics Inc. signed a definitive agreement to acquire a 76 percent stake in VIA, a leading optical bonding and display solutions provider, for 47.4 million euros (roughly P2.5 billion).

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, IMI said the transaction would be financed through debt and was expected for closing in the third quarter.

Under the arrangement, VIA founder Jurgen Eichner will retain a 24 percent ownership and continue to lead VIA as managing director, reporting to IMI chief executive officer Arthur Tan.

Optical bonding is a technology that enhances the visibility and performance of display systems, especially for outdoor use. The technology also enhances the quality, throughput and efficiency of the display system integration process.

The acquisition is expected to be accretive to IMI’s earnings per share starting 2017, the Ayala-led company said.

Alpina Partners, a shareholder of VIA, is selling all of its 55 percent shareholding as part of the transaction. It has been a shareholder in the company since June 2010.    

IMI chief executive officer Arthur Tan said the transaction was in line with the company’s strategy to accelerate the company’s growth and broaden VIA’s opportunities by leveraging off of IMI’s global footprint and resources.

Together, IMI and VIA will be best positioned to revolutionize the way the world experiences vision and touch on displays.

“We believe the acquisition will allow IMI to strengthen its partnerships with customers by offering complementary automotive camera and display monitor solution for advanced driver assistance systems. We look forward to further developing and utilizing the synergies between the two companies,” Tan said.