INTEGRATED Micro-Electronics (IMI) and minority shareholders of Surface Technology International (STI) Enterprises Limited have entered into an agreement to sell their respective 80 percent and 20 percent shares in STI to Rcapital, a private investment firm based in London with a portfolio of UK-based companies, including precision engineering solution providers in the aerospace and defense sectors, with closing to take place after satisfaction of the condition precedent.
The parties have agreed on an enterprise valuation of 7.5 million in British pound sterling.
Various geopolitical issues including Brexit, the Covid-19 pandemic and supply chain issues have delayed STI’s ability to achieve the targets it set during its acquisition in 2017.
Realizing these targets will require more time, additional funding, and resources that an alternative partner may be able to better provide.
This divestment initiative is in line with IMI’s ongoing strategy to sharpen its portfolio, focusing on its growth and profitability within its priority markets of mobility, connectivity, and smart energy. (PR)