Alibaba-led consortium poised for $8 billion deal for China chip giant Tsinghua: report

A consortium led by multinational tech giant Alibaba Group Holding BABA, -3.38% could be set to take over debt-ridden Chinese chipmaker, Tsinghua Unigroup, in a deal worth over 50 billion yuan ($7.8 billion), Bloomberg New reported Wednesday, citing sources. Alibaba’s bid was seen as leading due to its weight in the tech space and financial position, and as it already has a cloud and chip business. Shares of Unisplendour 000938, +5.36%, a unit of Tsinghua, climbed 5% in Shenzhen on Wednesday. None of the parties involved would offer comment to Bloomberg. The transaction is expected to be completed by December.

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