MediaTek announced its plans to buy Richtek Technology.
The aim is to strengthen the presence of MediaTek in Internet of Things (IoT) segment.
MediaTek plans to acquire 35-51 percent stake through an open offer at NT$195 per share. Upon completion of the tender offer, MediaTek plans to further acquire 100 percent stake. The process is now expected to be completed in the second quarter of 2016.
“As a leader with significant presence in smartphones, tablets, and the digital home, MediaTek offers tremendous growth opportunities for power management related products through the cross-platform advantage,” said Ming-Kai Tsai, chairman and CEO of MediaTek.