Carlyle, Unison sell nearly half of Covalent for $450m
The Carlyle Group and Unison Capital has sold part of Covalent Materials, a Japanese silicon wafer and ceramics manufacturer to Taiwanese solar wafer maker Sino-American Silicon Products (SAS). The deal size has not been disclosed, but it is thought to be around $451 million.
Covalent, which was formerly known as Toshiba Ceramics, has agreed to complete transferring its silicon wafer business to SAS by the end of this year. SAS will focus on developing its chip business, which currently accounts for 30% of total revenue.
Covelent had sales of JPY82.8 billion ($1 billion) for the fiscal year ending March, with JPY40.9 billion coming from the silicon wafer business.
Carlyle and Unison acquired approximately 92% of what was then Toshiba Ceramics from Toshiba Group for about JPY91 billion ($774 million at the exchange rate upon transaction) in 2006. This included $509 million in debt. Each buyout firm owns 46.2% of Covenant.
The 2006 deal was the second-largest of the year and came at a time when buyout activity was rife in Japan. The stand-out deal was the JPY271 billion buyout of restaurant chain operator Skylark by Nomura Principal Finance and CVC Capital Partners.
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