ISSI completes restructuring, sale of Chingis to MediaTek

Integrated Silicon Solution, a global fabless semiconductor company, has completed the sale of its Chingis subsidiary to MediaTek Capital for US$27.1 million pursuant to the previously announced share sale and purchase agreement. This transaction was completed following the receipt of regulatory approval in Taiwan.

The transaction was a key part of the internal restructuring of ISSI's operations in Taiwan as outlined by the agreement of merger dated March 12, 2015 between ISSI and Uphill Investment, under which Uphill agreed to acquire ISSI. ISSI has now completed the restructuring of its Taiwan operations subject to obtaining approval from the Taiwan Investment Commission.

Upon obtaining the foregoing approval and upon the satisfaction of the other conditions in the merger agreement, ISSI and Uphill expect that the closing of the merger will occur early in Q4 2015.