Noerr advises Saxony on sale of shares in semiconductor company ZMDI

Noerr has advised the State of Saxony on the sale of its shares in the Dresden semiconductor company Zentrum Mikroelektronik Dresden AG (ZMDI). The purchaser is the U.S. technology group Integrated Device Technology (IDT) which takes over the shares of all shareholders and thus the entire company. The purchase price is US$ 310m. The final closing of the sale will take place by the end of this year.

The State of Saxony held an interest of ca. ten per cent in ZMDI, the other shareholders were Global ASIC GmbH (ca. 65%) and ELBER GmbH (ca. 25%), a family office of the Dr. Vielberth Group.

With a global workforce of 400, ZMDI specialises in analogue and mixed-signal semiconductor solutions for applications in the areas of vehicle construction, industry, medicine, mobile sensing and information technology, as well as consumer applications. By acquiring ZMDI, IDT is enlarging its market presence in important future fields of the semiconductor industry. With a workforce of 1,500 employees worldwide, IDT recently achieved annual sales of ca. US$ 573m.

Noerr advised the State of Saxony with a team led by the Dresden corporate partner Jens Gehlich.

Advisors to State of Saxony: Noerr LLP

Jens Gehlich (lead), Marlies Raschke, Sebastian Voigt; Associate: Dr. Romy Nicole Fleischer (all Corporate/M&A. Dresden); Dr. Carsten Heinz, Associate: Florian-Felix Marquardt (both Tax, Berlin)