en.Wedoany.com Reported - Linkage Technology announced on July 3 that it has approved its wholly-owned subsidiary, Hong Kong Linkage Technology Industrial Co., Ltd. (Hong Kong Linkage), to acquire 100% of the equity of Northstar Technologies Limited (the Target Company) held by Renaissance Maverick Corp. in cash, with a transaction consideration of $10 million. The relevant parties have signed a Share Purchase Agreement on the same day.
The Target Company, Northstar Technologies Limited, was established on February 19, 2008, with its registered address in Hong Kong and a share capital of $1 million. It primarily operates in the field of semiconductor automated test equipment (ATE). The company has R&D and manufacturing bases in the Philippines and owns its self-developed ATE platform product, Javelin J800, which supports 1,536 parallel test channels. It is designed for mass production testing of logic chips such as microcontrollers (MCU), power management chips (PMIC), memory chips (EEPROM, NOR FLASH, NAND), and ASICs. Its customers are mainly well-known overseas IDM and OSAT semiconductor companies. Additionally, the Target Company provides board repair and upgrade services for M-series, J-series, and E-series equipment from leading international test equipment manufacturers.
Financial data shows that as of April 30, 2026, the Target Company's total assets were approximately $12.9 million, with accounts receivable of about $1.586 million; as of December 31, 2025, total assets were approximately $11.84 million, with accounts receivable of about $0.794 million. The relevant financial data is unaudited. The Target Company's net profit for both the full year of 2025 and the period from January to April 2026 was negative, indicating a continuous loss-making state.
The transaction consideration is set at $10 million, priced using a locked-box mechanism, with the locked-box date being April 30, 2026. Upon closing, $2 million will be paid into an escrow account and held for four months as a warranty for claims, while the remaining $8 million will be paid directly to the seller. The transaction agreement also includes a termination fee clause: if the transaction is terminated due to the buyer's reasons, the buyer must pay a termination fee of $1 million; if terminated due to the seller's reasons, the seller must also pay a termination fee of $1 million.
Regarding the equity structure, Renaissance Maverick Corp. holds 100% of the Target Company's equity before the transaction; after the transaction is completed, Hong Kong Linkage will hold 100% of the Target Company's equity.
Linkage Technology stated that this acquisition aims to enhance its semiconductor testing industry layout, fill the company's technological and business gaps in the memory testing equipment sector, and create synergies with its existing business. The Target Company has established a mature product portfolio and a stable customer base overseas. Its manufacturing base in the Philippines will help the company optimize its overseas supply chain layout and improve order delivery capabilities. This transaction does not constitute a related-party transaction nor a major asset restructuring.
