Sancode’s US$20.2 million acquisition of Philippines-based Cirtek Electronics aims to secure semiconductor packaging and testing expertise, Tier I customers and technology transfer to accelerate its Odisha plant’s ramp-up.
Sancode Semi Private Limited will acquire 100% of Philippines-based Cirtek Electronics Corporation for US$20.2 million, gaining semiconductor packaging and testing capabilities, proprietary technology and Tier I customers. The deal is intended to support technology transfer and accelerate the ramp-up of Sancode’s Odisha plant.
Sancode has signed a definitive agreement for the all-cash acquisition of 155,511,959 equity shares in Cirtek Electronics Corporation (CEC), an outsourced semiconductor assembly and test (OSAT) company. Completion remains subject to contractual conditions and applicable approvals.
CEC provides semiconductor packaging, assembly and testing services, including wafer dicing, die attach, wire bonding, encapsulation and final testing. Its specialised equipment, intellectual property, process know-how and experienced engineering workforce give Sancode access to established semiconductor backend manufacturing capabilities.
CEC serves Tier I customers in consumer electronics, industrial, telecommunications and automotive markets. Its turnover rose 15.3% to US26.62millioninFY2025,fromUS23.08 million in FY 2024.
Sancode expects the acquisition to contribute revenue and profit through financial consolidation, diversify its operations and strengthen its position in global electronics and semiconductor markets. It also expects knowledge and skill transfer from CEC to accelerate the operational ramp-up of its Odisha plant.
The US20.2millionconsiderationwillbepaidintwotranches:US11.32 million upon closing and US$8.88 million no later than one year after closing. The announcement does not specify a completion date or quantify the expected contribution to profitability.
