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Taiwan's Pegatron merged and fully absorbs metal chasis-maker Casetek for NT$14.5-Billion

Pegatron, an Apple Inc assembly partner has announced plans to merge with its metal chassis-making affiliate Casetek Holdings in a NT$14.5 billion deal.

The merger aims to optimize the group's resources and further strengthen the competitiveness of the companies.

The board of directories of each company agreed that Pegasus Ace Limited, a wholly owned subsidiary of Pegatron, would purchase Casetek in a reverse triangular merger, Taipei Times reported.

"As mid-range brands are increasingly pressured to cost down, we need to be more flexible when it comes to meeting customer needs,” Pegatron chief financial officer Louise Wu said. 

"Consolidating Pegatron with Casetek means that we can share staff, resources and business freely, without being bound by our responsibilities to two sets of stockholders," he added.

The deal is set to complete on February 26, 2021, and Casetek will be delisted from the Taiwan Stock Exchange (TWSE) upon completion of the merger.

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