We are advising ASMedia on the transaction

Davis Polk is advising ASMedia Technology Inc. in connection with its acquisition of Techpoint, Inc. Under the terms of the transaction, ASMedia will acquire all outstanding shares of Techpoint, including common stock underlying its Japanese depositary shares, for $20.00 per share in an all-cash transaction, which represents a fully diluted equity value of approximately $390 million. The transaction is expected to close in the second quarter or early third quarter of 2025, subject to the receipt of required regulatory approvals and the satisfaction of customary closing conditions, including approval by Techpoint shareholders. Following the transaction, Techpoint’s Japanese depositary shares will no longer be traded on the Tokyo Stock Exchange.

ASMedia, established in Taiwan in 2004, is a leading fabless semiconductor company specializing in high-speed transmission interface IC design. ASMedia boasts strong R&D capabilities in high-speed physical layers, including USB controller chips, PCIe bridge controller chips, SATA controller chips, high-speed switch controller chips and application-specific integrated circuits.

Techpoint is a fabless semiconductor company developing proprietary high-definition video connectivity technology targeting high-definition video security systems and automotive infotainment systems. Techpoint aims to address the growing needs of the next generation high-definition video industries. With design centers in the United States, as well as offices in Taiwan, Korea, China and Japan, Techpoint has achieved cutting edge technology in its target industries.

The Davis Polk corporate team includes partners Miranda So and Ken Lebrun, counsel – registered foreign lawyer Xi Shi, registered foreign lawyer Beiming Liu and associate Paul Lee. Counsel Alon Gurfinkel is providing tax advice. Partner Paul D. Marquardt is providing CFIUS advice. Counsel Mary K. Marks and Nathan Kiratzis and special adviser – EU antitrust Frances Dethmers are providing antitrust and competition advice. Members of the Davis Polk team are based in the Hong Kong, Tokyo, New York, Washington DC, London and Brussels offices.

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