Core Viewpoint - Defu Technology has signed a share purchase agreement to acquire 100% of Circuit Foil Luxembourg for €174 million, marking a significant move into the global high-end copper foil market [1][2]. Group 1: Acquisition Details - The enterprise value of Circuit Foil Luxembourg is set at €215 million, with the acquisition price determined after adjustments [2]. - Defu Technology must establish a wholly-owned subsidiary in Luxembourg prior to the acquisition to facilitate local compliance [2]. - The acquisition is based on comprehensive due diligence, considering the target company's market position, technology, customer resources, and synergy effects [2]. Group 2: Financial Performance - Circuit Foil Luxembourg is projected to generate €13.37 million in revenue and €1.49 million in EBITDA for 2024, despite a net loss of €370,000 due to high European electricity prices and other factors [3]. - The company has already turned a profit in Q1 2025, with revenues of €4.499 million and a net profit of €167,000, indicating a positive trend in performance [3]. Group 3: Industry Context - The demand for high-end IT copper foils, such as HVLP and DTH, is increasing due to the growth of AI servers and 5G communications [4]. - The domestic market for electronic circuit copper foils has been dominated by a few overseas companies, leading to significant trade deficits in high-end products [4]. - The acquisition is strategically important for addressing the long-standing challenges in the domestic supply chain and breaking the import monopoly in critical materials [4].
《股权购买协议》签了， 德福科技拟1.74亿欧元收购卢森堡铜箔