Transaction will accelerate innovation of
critical multi-beam mask writing tools, foster deeper
cross-industry collaboration.
NEWS HIGHLIGHTS
- Transaction will accelerate innovation of critical multi-beam
mask writing tools and foster deeper cross-industry
collaboration.
- Multi-beam mask writing tools are critical to the semiconductor
ecosystem for creating EUV technology.
- Sale of approximately 20% stake values IMS at approximately
$4.3 billion.
Intel Corporation today announced that it has agreed to sell an
approximately 20% stake in its IMS Nanofabrication GmbH (“IMS”)
business to Bain Capital Special Situations (“Bain Capital”), in a
transaction that values IMS at approximately $4.3 billion. The
transaction is expected to close in the third quarter of 2023. IMS
will operate as a standalone subsidiary and will continue to be led
by CEO Dr. Elmar Platzgummer.
Since inventing multi e-beam technology and introducing the
first commercial multi-beam mask writer in 2015, Vienna,
Austria-based IMS has been an industry leader in multi-beam mask
writing for advanced technology nodes. Intel initially invested in
IMS in 2009 and ultimately acquired the business in 2015. Since the
acquisition, IMS has delivered a significant return on investment
to Intel while growing its workforce and production capacity by
four times and delivering three additional product
generations.
Today, as EUV technology becomes broadly adopted in leading-edge
technologies, the multi-beam mask writing tools required to create
advanced EUV (extreme ultraviolet lithography) masks are
increasingly critical components to the semiconductor manufacturing
ecosystem. This investment will position IMS to capture the
significant market opportunity for multi-beam mask writing tools by
accelerating innovation and enabling deeper cross-industry
collaboration.
“The advancement of lithography is critical to driving continued
progress in the semiconductor industry, and mask writing plays a
central role in the industry’s transition to new patterning
technologies, such as high-NA EUV,” said Matt Poirier, senior vice
president of Corporate Development at Intel. “Bain Capital’s
investment and partnership will provide IMS with increased
independence and bring strategic perspective to help accelerate the
next phase of lithography technology innovation, ultimately
benefitting the ecosystem as a whole.”
Platzgummer said, “We are pleased to gain a valuable partner in
Bain Capital, which has a long history of partnering with companies
to drive growth and value creation. They share our conviction in
the meaningful opportunity ahead for IMS as EUV becomes more
pervasive and high-NA EUV moves from development into high-volume
manufacturing in the second half of the decade. We look forward to
expanding our ability to support the world’s largest chip
producers, who rely on our technology to produce current and next
generations of semiconductor products.”
Marvin Larbi-Yeboa, a partner at Bain Capital, said, “As the
global leader and innovator of emerging technologies in the
semiconductor fabrication and nanotech industries, we believe IMS
is well-positioned to capitalize on attractive secular tailwinds as
additional chip production capacity comes online and build on its
leading competitive position, tech differentiation and cutting-edge
product capabilities.”
Will Tetler, a managing director at Bain Capital, added, “We
look forward to partnering with IMS’ exceptional management team
and Intel to employ our deep industry experience and value-creation
capabilities to support the business’ long-term growth strategy
through further investment in its leading-edge tech and product
portfolio to enable IMS to extend its competitive market
position.”
About Intel
Intel (Nasdaq: INTC) is an industry leader, creating
world-changing technology that enables global progress and enriches
lives. Inspired by Moore’s Law, we continuously work to advance the
design and manufacturing of semiconductors to help address our
customers’ greatest challenges. By embedding intelligence in the
cloud, network, edge and every kind of computing device, we unleash
the potential of data to transform business and society for the
better. To learn more about Intel’s innovations, go to
newsroom.intel.com and intel.com.
About IMS Nanofabrication
IMS Nanofabrication GmbH, an Austrian business and subsidiary of
Intel Corporation, is the global technology leader for multi-beam
mask writers. Its customers are the largest chip manufacturers in
the world, who rely on its technology to produce current and future
chip generations. IMS’ innovative multi-beam writers play a key
role in chip manufacturing and provide significant added value to
the semiconductor industry. They are continually customized and
refined by an interdisciplinary team, in line with the latest
market demands. Over the last 10 years, IMS has perfected its
electron-based multi-beam technology. The first-generation
multi-beam mask writer, MBMW-101, is successfully operating all
over the world. The second-generation multi-beam mask writer,
MBMW-201, entered the mask writer market in the first quarter of
2019 for the 5nm technology node. And this year, IMS is launching
MBMW-301, a fourth-generation multi-beam mask writer that delivers
unprecedented performance. Learn more at www.ims.co.at/en/.
About Bain Capital Special Situations
Bain Capital Special Situations is a global team of investors
who have driven value creation for more than 20 years. Bain Capital
Special Situations has $18 billion in assets under management and
has invested more than $28 billion since our inception in 2002. We
provide bespoke capital solutions to meet the diverse needs of
companies, entrepreneurs, and asset owners. Across all market
cycles, the strategy brings together credit, equity, corporate and
real asset expertise to partner where traditional providers cannot.
Our dedicated, global team of more than 100 investment and
portfolio professionals contribute the local expertise and
capabilities that enable these diverse investments. For more
information, please visit:
https://baincapitalspecialsituations.com/.
Forward Looking Statements
This press release contains forward looking statements regarding
the planned investment by Bain Capital Special Situations (“Bain
Capital”) in IMS Nanofabrication GmbH (“IMS”), including the timing
of closing and possible implications of such investment on the IMS
business. Such forward looking statements involve a number of risks
and uncertainties that could cause actual results to differ
materially from those expressed or implied, including: the risk
that the transaction may not be completed in a timely manner or at
all, including as a result of a failure to receive regulatory
approvals; the occurrence of any event, change or other
circumstance that could give rise to the termination of the
transaction; the risk that the expected benefits of the
transaction, including as a result of the increased independence of
IMS, may not be realized or that the sale of a minority ownership
in IMS may adversely impact the IMS business or Intel; disputes or
potential litigation related to the transaction or the ownership,
control and operation of the IMS business, including as it relates
to Intel; unanticipated costs related to the transaction or the IMS
business that may be incurred; risks as to the retention of key IMS
personnel and customers; potential adverse reactions or changes to
business relationships resulting from the announcement or
completion of the transaction; changes in demand for semiconductor
manufacturing tools; the high level of competition and rapid
technological change in the semiconductor industry; and other risks
and uncertainties described in Intel’s earnings release dated April
27, 2023, 2022 Annual Report on Form 10-K and other filings with
the SEC. All information in this press release reflects Intel
management views as of the date hereof unless an earlier date is
specified. Intel does not undertake, and expressly disclaims any
duty, to update such statements, whether as a result of new
information, new developments, or otherwise, except to the extent
that disclosure may be required by law.
© Intel Corporation. Intel, the Intel logo and other Intel marks
are trademarks of Intel Corporation or its subsidiaries. Other
names and brands may be claimed as the property of others.
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version on businesswire.com: https://www.businesswire.com/news/home/20230619083057/en/
Michael Anderson Intel Investor Relations 1-916-356-7704
michael.d.anderson@intel.com
Sophie Won Intel Media Relations 1-408-653-0475
sophie.won@intel.com
Scott Lessne Stanton for Bain Capital 1-646-502-3569
slessne@stantonprm.com
Charlyn Lusk Stanton for Bain Capital 1-646-502-3549
clusk@stantonprm.com
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