Deals
China Chipmaker’s Buyer Missed $9 Billion Payment Deadline
- JAC Capital-led group yet to pay full amount for Unigroup
- Debt-laden chip firm’s rescue approved in court in January
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The winner of a bidding process for Tsinghua Unigroup Co. has missed its March 31 deadline to complete a 60 billion yuan ($9.4 billion) takeover payment, according to people familiar with the matter.
A consortium led by JAC Capital has yet to pay the remaining 14.6 billion yuan of the agreed price tag for the chip business, the people said, asking not to be identified as the information is private. The group was picked as the winner of an auction for China’s debt-ridden semiconductor giant, whose rescue was viewed as a national security issue.