On November 28, a journalist from Yicai confirmed from the official website that the Dutch government has approved Nexperia's acquisition of Delft-based startup Nowi.
Nexperia is a wholly-owned subsidiary under Wingtech Technology. As of the close of November 27, the stock price of Wingtech Technology was 48.50 yuan per share, with a price drop of 0.43%.
The Dutch government stated on the 28th that after assessment, it will not prevent Nexperia from acquiring Nowi. Micky Adriaansens, the Dutch Minister of Economic Affairs, mentioned in a letter to the parliament, "There are no legal objections to the acquisition of Nowi by Nexperia."
In June this year, based on the National Security Law (Vifo Act, also known as the "Wolff Act") which took effect on June 1, the Dutch government investigated the acquisition of Nowi. The government mentioned that if the acquisition is found to affect national security, it might order the deal to be revoked.
Nexperia welcomed the conclusion made by the Dutch Ministry of Economic Affairs and Climate Policy regarding the Vifo Act, as stated on its official website on the 28th.
"After a long period of uncertainty, the acquisition of Nowi, headquartered in Delft, is finally confirmed. The retroactive effect of the Vifo Act applies only to military or dual-use goods. It is clear from their conclusion that Nowi's products and technology do not fall under this category," stated Nexperia.
Nowi was founded in Delft, Netherlands, in 2016. Its main product is a novel energy harvesting PMIC, which can gather energy from environmental resources such as vibrations, radio waves, and temperature gradients, and use it to charge low-power devices such as remote controls, wearable devices, and wireless sensor nodes. Nexperia initiated the acquisition of Nowi in November 2022.
Charles Smit, the director of Nexperia Netherlands, expressed pleasure over the clear outcome after a period of uncertainty. "It enables us to realize Nexperia's ambitions in the Netherlands and some of our plans in the energy efficiency domain."
He pointed out the importance of a clear policy to strengthen the investment environment in the Netherlands. Transparent and fact-based dialogue between the government and businesses is crucial during uncertain times.
Simon van der Jagt, co-founder and former CEO of Nowi, stated: "Access to a large chip manufacturer's production, sales, and marketing infrastructure allows us to bring our products to market faster, thereby having a greater impact. The team looks forward to further realizing our joint objectives in the coming years."