Luxshare Precision Industry Co., Ltd. (SZSE:002475) agreed to acquire Assembly and Test Facilities in Beijing and Dezhou, China from Qorvo, Inc. (NasdaqGS:QRVO) on December 18, 2023. Upon closing, Luxshare will acquire each facility?s operations and assets, which include the property, plant and equipment, as well as the existing workforce, to enable seamless continuity of operations. Qorvo will continue to maintain its sales, engineering and customer support employees in China to continue serving customers.

Following the close of the transaction, Luxshare will assemble and test products for Qorvo under a newly established long-term supply agreement. The Beijing and Dezhou facilities will continue to operate as part of Qorvo?s global manufacturing network until the closing of the transaction. After the closing, Qorvo?s assembly, packaging and test network will continue to include its facilities in the United States, Costa Rica, and Germany, as well as valued leading global outsourced semiconductor assembly and test (OSAT) partners.

The transaction is subject to receipt of regulatory approvals and the satisfaction or waiver of other closing conditions and expected to to be completed in the first half of calendar 2024.