Wingtech Technology, a smartphone design manufacturer, has agreed to acquire an additional 23.77% stake in Nexperia, a semiconductor manufacturer for $893m. Wingtech plans to pay $21m in cash, while the remaining $872m will be settled through the issuance of nearly 68.27m shares at a price of $12.77 apiece. These shares will have a lock-up period of 12 months “I am proud of what Nexperia has become and will miss the team. At the same time, I have decided not to seek a prolongation of my four-year tenure. Now is the time for Wingtech to decide on Nexperia’s future leadership,” Frans Scheper, Nexperia CEO.