Asia Tech Wire (Aug 16) -- TSMC will spend $531 million to acquire a plant of Taiwan-based panel maker Innolux Corp.

TSMC signed a contract with Innolux on Thursday to buy its plant and ancillary facilities for an estimated NT$17.77 billion ($531 million), a regulatory filing showed.

The assets, located in Tainan, have a building area of 317,444 square meters and will host TSMC's operations and production.

Innolux closed the 5.5-generation LCD panel manufacturing plant last year.

Economic Daily News reported in July that TSMC sought to acquire the Innolux plant at a higher price than Micron Technology.