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ASMPT Completes Sale of NEXX Unit to Applied Materials

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ASMPT (HKG:0522) completed the sale of ASMPT NEXX, a wholly owned subsidiary held through its indirect unit ASMPT USA, to Applied Materials for $120 million, according to a Thursday Hong Kong bourse filing.

Following completion of the transaction, ASMPT NEXX has ceased to be a subsidiary of the company and its financial results will no longer be consolidated into ASMPT's financial statements.

The chip gear maker said the purchase price was determined through a competitive bidding process, with Applied Materials submitting the highest bid.

The company expects to record a net gain of about HK$11 million from the disposal, based on estimated net sale proceeds of $116 million, and adjustments for working capital and indebtedness.

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