IDG Leads Race to Acquire ASMPT's SMT Business at Valuation Exceeding $1 Billion
nashnova research
IDG Capital has emerged as the frontrunner to acquire ASMPT's surface-mount technology business at a valuation exceeding $1 billion, with a deal possible within weeks — but the seller wants $1.5 billion, and that gap is the deal's biggest open question.
What exactly is being sold?
ASMPT's SMT business — surface-mount technology, the machines and software that solder chips, resistors, and other components onto circuit boards — serves AI server, optical module, and EV manufacturers.
This means → buying this unit is a ticket into the AI hardware manufacturing supply chain — not making chips, but putting chips onto boards.
H1 2026 revenue rose 53.1% year-on-year to HK$3.87 billion; orders surged 87.8% to a record HK$6.98 billion.
Who is bidding, and who has fallen behind?
IDG Capital is the most advanced bidder. Three people familiar with the matter say a deal could be signed within weeks.
FountainVest Partners and London-based Triton Partners also held talks, but IDG currently leads the race.
In plain terms = three PE firms liked the AI growth story, but IDG has moved furthest — the other two are behind for now.
The seller wants $1.5 billion — buyers may offer less. How big is the gap?
ASMPT's target valuation is $1.5 billion, but two sources say potential buyers are likely to bid below that, with Reuters describing the valuation as "over $1 billion."
This means → there may be a 30–40% valuation gap between buyer and seller. Terms are not final, and uncertainty remains.
This reflects a broader dynamic: even with strong growth, PE buyers price these assets on cash-flow multiples, not growth narratives — the seller tells the story, the buyer runs the numbers.
Why is ASMPT selling?
In January, ASMPT launched a strategic review of its SMT business, considering options from a sale to a JV, spin-off, separate listing, or continued ownership.
The core logic: shedding SMT lets ASMPT focus on its semiconductor packaging business — the segment commanding higher valuations in the current advanced-packaging wave.
In plain terms = SMT is profitable but not where the premium multiples are. Packaging is. Sell the former, double down on the latter.
What wildcards remain?
Dutch chip-equipment maker ASM International holds roughly 25% of ASMPT. In 2024, several PE firms discussed a full take-private of ASMPT, but talks collapsed.
This means → as a major shareholder, ASM International has material influence over any significant asset disposal — its stance is an unavoidable variable in whether this deal closes.
ASMPT shares have risen 52% year-to-date, giving the company a market cap of about $6.5 billion — the market is already pricing in the AI-driven growth.
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