Ayala-led IMI, NarraVC buy into PSi Technologies

Ayala Corp. and partner Narra Venture Capital are buying a majority stake in one of the country’s biggest players in the semiconductor industry. In a disclosure with the Philippine Stock Exchange Monday, Ayala Corp. said that subsidiary Integrated Micro-Electronics Inc. had signed a deal for a controlling stake in PSi Technologies Inc., an independent semiconductor assembly and test-service company. Ayala Corp. and NarraVC, a private investment firm that buys into technology companies in Silicon Valley, would shoulder the 67-percent acquisition worth $30 million. Once the transaction is complete, Ayala Corp. will end up with a 56-percent stake in PSi Technologies, with NarraVC holding 11 percent. “The acquisition will strengthen PSi Technologies toward growing and developing its business while enhancing the prospects of offering an integrated hybrid power solution in a multi-chip module that contains advanced manufacturing technologies of IMI and PSi Technologies," Arthur Tan, president and CEO of Integrated Micro-Electronics, said in a statement. Shares of PSi Technolgies are traded on the Nasdaq Stock Market, an American stock exchange. Multi-chip module addresses the trend in miniaturization of electronic devices, IMI said. —VS, GMANews.TV