The transaction, which closed on April 3, includes the transfer of Oak's optical storage business and certain assets to Sunplus for approximately $30 million, which includes $16 million in cash and the equivalent of $14 million in shares of Sunplus common stock.
"We are very pleased that this transaction establishes a strategic partnership between Oak and Sunplus and can create significant value for our shareholders,
" said Young Sohn, chairman and chief executive office of Oak Technology. "We are committed to supporting Sunext Technology as it becomes a new leader in optical storage."
"Sunext Technology combines Oak's many years of investment in the creation of leading optical storage technologies in CD-RW, Combo and RDVD with the expertise and technologies that Sunplus has developed in multi-media IC design," said Huang Chou-chye, chairman of Sunplus Technology. "We believe this partnership between Sunplus and Oak creates a new market leader and provides a strong supplier with innovative products to optical drive manufacturers."
About Sunplus Technology
Sunplus Technology Company Limited, which was established in 1990, is a fabless IC design company devoted to electrical consumer applications. Sunplus offers not only IC design but also system solution to maximize customers' profit by differentiating each design. Sunplus uses Intellectual Properties (Ips) such as audio/video, micro-processor and digital signal processor technologies to develop hundreds of products including LCD IC, micro-controller IC, multi-media IC, Voice/Music IC and ASIC which can be applied to our daily life. With sales of NT$8.64 billion for 2002, Sunplus has annual growth of 30.07%. For more information, please visit Sunplus website: www.sunplus.com.tw
About Oak Technology
Oak Technology, Inc., a leading provider of solutions for the storage, manipulation and distribution of digital content, is committed to driving the emerging world of connected consumer appliances. The company's fully integrated products and technologies target two key markets: digital imaging (advanced copiers, printers, faxes, scanners and MFPs) and digital home entertainment (digital TV, HDTV and PVRs). Founded in 1987, Oak is headquartered in Sunnyvale, California, and has sales offices, design centers and research facilities around the world. The company trades on the Nasdaq Stock Exchange under the symbol OAKT. Additional information about Oak and its digital solutions can be found at www.oaktech.com.