Panasonic completes transfer of its semiconductor business

It was late last year, or more specifically in late November last year, that Panasonic announced on the transfer of its semiconductor business mainly operated by Panasonic Semiconductor Solutions Co., Ltd. (PSCS). Panasonic and Nuvoton have since been collaboratively pursuing antitrust clearance and other customary regulatory approvals from the authorities, with a target effective date of June 1, 2020. However, the closing date was postponed due largely to the COVID-19-induced delay in clearance processes. Now the transaction is successfully completed with all the necessary approvals obtained. Restructuring of the semiconductor business, announced along with the transfer, has already been completed prior to the transaction, the company says in a press release. Following the completion of the transfer, PSCS will be renamed as Nuvoton Technology Corporation Japan.