KEMET Corporation (“KEMET”) (NYSE:KEM) today announced that the Committee on Foreign Investment in the United States (CFIUS) has notified the Company by letter dated March 9, 2020, that it will continue its evaluation of the previously announced acquisition of KEMET by Yageo Corporation (“Yageo”) (IEX:2327) with a 45-day investigation period. This investigation period, which KEMET and Yageo expected, will be completed no later than April 23, 2020.
KEMET and Yageo continue to work cooperatively with CFIUS throughout the process. The CFIUS process is confidential, and KEMET and Yageo do not intend to comment further on that process while it is ongoing.
KEMET also announced today that, on March 5, 2020, the Mexican Competition Authority authorized the acquisition of KEMET by Yageo. The parties continue to expect the transaction to close in the second half of 2020, subject to additional customary closing conditions and the receipt of the remaining required regulatory approvals, which include approvals under the antitrust laws in China and Taiwan, as well as approval from the Investment Commission, Ministry of Economic Affairs in Taiwan.