(Yicai Global) Aug. 6 -- Beken shares hit the daily 10 percent price ceiling this morning after it announced yesterday it plans to pay EUR6 million (USD7.12 million) to take over Greek chip design firm Adveos Microelectronic Systems.

According to the deal sign by the Shanghai-based integrated circuit designer with the target’s four individual owners, EUR4.8 million will go to buy 100 percent of the company, while the remaining EUR1.2 million will be injected into it after its ownership changes hands.

.

The Aigio-headquartered target is a chip solution provider whose notable clients include Intel and Cisco Systems. The acquisition will help Beken improve its technological knowhow in the smart home, Internet of Things and smart transport fields.

The deal is subject to regulatory approval both in China and abroad, the company added.

Beken’s shares [SHA:603068] stopped trading at CNY87.88 (USD12.60) this morning.

Editor: Ben Armour