KEMET and Yageo Complete Merger
FORT LAUDERDALE, Fla., June 15, 2020 (GLOBE NEWSWIRE) -- KEMET Corporation (“KEMET”) (NYSE: KEM) today announced the completion of the acquisition of KEMET by Yageo Corporation (“Yageo”) (TAIEX: 2327).
In accordance with the terms of the merger agreement, Yageo has acquired all of the outstanding shares of KEMET’s common stock for US $27.20 per share in an all-cash transaction with an equity value of approximately US $1.6 billion. As a result of the transaction, KEMET is now a wholly-owned subsidiary of Yageo, and KEMET’s common stock is no longer listed on any public market.
Established in 1919 and headquartered in Fort Lauderdale, Florida, KEMET is a leading global supplier of high-end electronic components with a global footprint that includes 21 manufacturing facilities and approximately 12,500 employees located in 21 countries in the Americas, Asia and Europe. KEMET’s main products include tantalum capacitors, ceramic capacitors, magnetic, sensors and actuators, and film and electrolytic capacitors. KEMET’s products serve a number of applications, such as advanced automotive electronics, industrial applications, aerospace, medical, as well as smartphones, cloud/networking equipment, wireless communications, alternative energy and 5G technology. Holding more than 1,600 patents and trademarks worldwide, KEMET has established a leading position for its products via its advanced R&D and technical staff and design-in capabilities.
Together with KEMET, Yageo will be well positioned as a one-stop provider of passive electronic components, including a leading portfolio of polymer, tantalum, ceramic, film and electrolytic capacitors, chip resistors, circuit protection as well as magnetics, sensors and actuators, all addressing a full range of end market segments. The combined company will have an enhanced global footprint and be better able to partner with long-standing, blue chip customers worldwide through a combined 42 manufacturing plants and 14 dedicated R&D centers.
William M. Lowe, Jr., Chief Executive Officer of KEMET, said, “The closing of this transaction is the culmination of an extensive process by the KEMET board in an effort to enhance value for KEMET’s stockholders. KEMET as part of the Yageo family will be well positioned to continue as a leading global provider of passive electronic components.”
Advisors
Citi served as financial advisor to Yageo, and Simpson Thacher & Bartlett LLP and Tsar & Tsai Law Firm in Taiwan served as legal advisors. Goldman Sachs & Co. LLC served as financial advisor to KEMET and Skadden, Arps, Slate, Meagher & Flom LLP and LCS & Partners Law Firm in Taiwan served as legal advisors.
About KEMET
KEMET offers our customers the broadest selection of capacitor technologies in the industry, along with an expanding range of sensors, actuators and electromagnetic compatibility solutions. KEMET operates manufacturing facilities, sales and distribution centers around the world. Additional information about KEMET can be found at http://www.KEMET.com.
Contact:KEMET Corporation:
Gregory C. Thompson
Executive Vice President and
Chief Financial Officer
GregThompson@KEMET.com
