Anaheim’s Multi-Fineline Electronix Inc. said Thursday it’s paying $500 million for Singapore’s MFS Technology Ltd., boosting its business of supplying flexible circuit boards for wireless phones.
Multi-Fineline, known as M-Flex, is offering either stock or cash to MFS shareholders.
Both companies are part of Singapore’s WBL Corp.
MFS has a market value of about $350 million and is 56% owned by WBL. M-Flex is valued at about $1 billion and is 64% owned by WBL.
Combining with MFS would boost M-Flex’s business with key customer Motorola Inc. MFS also supplies circuit boards to the wireless phone maker.
Motorola makes up three-fourths of M-Flex’s nearly $500 million in yearly sales. The relationship has been a boon to M-Flex, which has seen its shares soar in the past few months.
MFS has yearly sales of about $380 million and is profitable.
