PE-backed United Test & Assembly Center Seeks Relisting In Singapore Via IPO

(Reuters) – Microchip tester United Test and Assembly Center (UTAC), which was taken over by buyout firms TPG and Affinity Equity Partners in 2007, is seeking to relist in Singapore in an IPO worth as much as $600 million, sources said.

Merrill Lynch and UBS are handling the deal and the listing is likely to take place in the first quarter of 2011, the sources said. They did not want to be identified because the deal is not yet public.

“UTAC’s IPO will be in Q1,” one the sources with direct knowledge of the deal told Reuters. “The deal size is between $400 million to $600 million.”

UTAC was not available to comment and the banks declined to comment. TPG and Affinity also declined comment.

The plan comes as private equity firms, which typically hold assets for three to five years, try to divest those that were bought during the boom years of 2006 to 2008.

(Reporting by Saeed Azhar; editing by Valerie Lee)