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TowerJazz, the global specialty foundry leader, announced the closing of the sale of all its holdings in Hua Hong Semiconductor Ltd. (HHSL), the parent company of HHNEC, one of Mainland China’s leaders in the field of IC foundry service, in a HHSL share repurchase transaction, for $32 M in cash. TowerJazz’s holdings consisted of 10 percent of HHSL’S shares, valued per GAAP in the amount of $17 M on TowerJazz’s balance sheet.
TowerJazz received the cash from this transaction and expects to record a gross gain in the third quarter of $15 M as a direct result of this sale, and approximately $8 M of net gain (after taking into account expected tax and other payments and fees associated with the transaction).
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