Skadden is representing Meadville Holdings Limited, the leading provider of volume high-end printed circuit boards (PCBs), in its business combination with TTM Technologies, Inc., North America's largest PCB manufacturer. Meadville is selling its PCB businesses to TTM for a combination of stock and cash, with an aggregate value of approximately US$521 million. Meadville will receive stock representing approximately 45.7 percent of the post-transaction-issued share capital of TTM; Meadville's controlling shareholder, Mr. Tang Hsiang Chien will become the largest TTM shareholder. Concurrently, Meadville will sell its laminate and prepreg manufacturing business to Chien for approximately US$359 million.
Announced on November 16, this transaction represents the first time shares of a U.S.-listed company have been used as consideration in a Hong Kong public M&A transaction. It is also the first privatization to occur since recent changes to the Hong Kong Takeovers Code. The deal is subject to shareholder approval, antitrust filings in the U.S. and China and CFIUS review. TTM's existing board will retain control of its defense sector business, while Chien will retain day-to-day control of the Asia business.