Tianshui Huatian Technology (SHE:002185) will purchase 100% of Huayi Microelectronics from 27 shareholders for 2.996 billion yuan, to be paid in cash and through share issuance, according to a Tuesday filing with the Shenzhen bourse.

The company will pay for the acquisition through the issuance of 316.5 million shares in two tranches at about 8.33 yuan apiece for a total of 2.64 billion yuan.

It will also pay 359.2 million yuan in cash from supporting funds raised through a private placement of shares to up to 35 investors.

Huayi Microelectronics specializes in high-performance power semiconductor devices.

Shares slipped 1% during the midday break on Tuesday.