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TPG-Backed Chip Tester UTAC Taps Citigroup for $1 Billion Sale

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UTAC Holdings Ltd., the Singapore-based chip testing firm backed by TPG, has appointed Citigroup Inc. to advise on a planned sale of its business, people with knowledge of the matter said.

The company, which also counts Affinity Equity Partners as an investor, has started gauging interest from potential buyers, according to one of the people. UTAC could fetch at least $1 billion, the people said, asking not to be identified because the information is private.