Indie Semiconductor to sell interest in Wuxi indie Microelectronics for $135M

Indie Semiconductor (INDI) announced it has entered into an asset purchase agreement with United Faith Auto-Engineering, a publicly-listed company in the People’s Republic of China to sell its entire 34.38% outstanding equity interest in Wuxi indie Microelectronics Technology, a Chinese entity to United Faith. The transaction is subject to customary closing conditions for a transaction of this type, including shareholder approval from United Faith and receipt of all required regulatory approvals. United Faith will purchase indie’s outstanding equity interest in Wuxi for RMB 960,834,355, or approximately $135M, payable in cash. Between signing and closing, the Wuxi operation will be reported as discontinued operations within indie’s consolidated financial statements once it is determined that the transaction meets the requisite criteria under applicable accounting guidance. Upon closing, indie will exclude and deconsolidate the financial results of Wuxi from its future consolidated financial statements. The transaction is expected to close in late 2026.