Taiwan’s WT Microelectronics Co. struck a $3.8 billion deal to acquire Future Electronics Inc., a closely held distributor of electronic components whose founder left his executive role after being accused of sexual misconduct.
Future’s fate has been in question since an investigation published earlier this year by Radio-Canada and Canadian Broadcasting Corp. that accused its octogenarian founder and controlling shareholder, Robert G. Miller, of soliciting minors for sex.
“To be frank, with the recent news in the media, the decision was made to sell the company,” Jamie Singerman, corporate vice president at Future, said in a phone interview. “Retaining our business model, which is unique, and securing the job and livelihood for the 5,200 employees and families that we support worldwide were of paramount importance.”
Future posted revenue of $2.9 billion in the first half of 2023, according to the statement, while WT, which trades on the Taiwan Stock Exchange, generated $7.8 billion.
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