TSMC sells 5% of Vanguard

TSMC is to sell 5% of its holding in the Taiwanese foundry Vanguard International Semiconductor.

Morris Chang, Chairman of TSMC

Morris Chang, Chairman of TSMC

The sale will raise $116 million.

TSMC owns 38% of 20 year-old Vanguard which started off as a DRAM company and became a pure-play foundry ten years ago.

TSMC is thought to be selling because the foundry business is booming in Taiwan and it's a good time to sell.

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