TSMC plans to sell 152 million shares in chipmaker Vanguard

TAIPEI, May 15 (Reuters) - ‌TSMC, ​the ​world's largest contract chipmaker, said on Friday it plans to ‌sell up to 152 million shares in ⁠Vanguard International Semiconductor via a block trade ‌to financial institutional investors, ‌cutting its stake in the chipmaker.

TSMC said the proposed share sale would ​reduce its holding in Vanguard International Semiconductor, or VIS, to about ⁠19% from around 27.1% on a fully diluted basis. ​TSMC said it has no plans to sell additional VIS shares ​in the foreseeable future.

At ‌current prices, 152 million VIS shares are worth around 26.8 ⁠billion Taiwan dollars ($850 million).

TSMC said the sale would not affect its strategic relationship with ⁠VIS, including outsourcing interposer production and licensing gallium ​nitride (GaN) technology to the company. It added that the share sale is part of its ‌plan to focus resources on core business activities.

In June 2024, ‌TSMC ceased to have representation on ⁠VIS's board of ‌directors.

($1 = 31.5220 ​Taiwan dollars)

(Reporting by Wen-Yee Lee. Editing by Muralikumar Anantharaman and Mark ‌Potter)

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