A consortium led by Beijing Shanhai Capital agreed to acquire Analogix Semiconductor Inc. for over $500 million, the companies said in a joint statement. China Integrated Circuit Fund (China IC Fund) joined Shanhai Capital as one of the limited partners.
Analogix was founded in 2002 and is headquartered in Santa Clara, California, with the majority of its engineering operations based in Beijing, China. The company and has previously raised nearly $40 million in venture capital from DCM Ventures, IDG Capital, Globespan Capital, Keytone Ventures, Japan Asia Investment, Yet2Ventures, and Woodside Fund.
Shanhai Capital, headquartered in Beijing, is a pioneer buyout fund in healthcare and technology.
Analogix’s high-speed, mixed-signal semiconductor integrated circuits (ICs) for high-performance display applications are used in mobile devices, virtual/augmented reality (VR/AR), and other high-performance electronic products from leading electronics brands including Apple, Samsung, LG, Microsoft, Google, Lenovo, Dell, HP, Asus, and HTC.
“We are very happy to have reached this agreement, which provides significant value to our shareholders,” said Yang Kewei, Analogix chairman and CEO.
“We are pleased to establish our relationship with Analogix, a company whose technology leadership is recognized by the world’s leading OEMs, and we look forward to facilitating Analogix’s continued growth,” said Xianfeng Zhao, chairman of Beijing Shanhai Capital.
“We expect an IPO in China in the near future,” he added.
The deal is subject to regulatory approvals and is expected to close in late 2016.