De Brauw Blackstone Westbroek advises ASML, the world's largest supplier of equipment to computer chip manufacturers, on a customer co-investment programme. Following Intel, TSMC is the second participant to join ASML's customer co-investment programme, committing to invest EUR 276 million in ASML's research and development (R&D) over the next five years as well as EUR 838 million in a 5% equity stake in ASML's capital. Intel earlier committed to an investment in ASML's R&D and equity for an aggregate amount of EUR 3.3 billion. Another 5% of ASML's equity is still available in the programme for other customers.
The programme is intended to have no effect on the current number of shares outstanding. Following the receipt of the subscription proceeds, ASML will effect a synthetic buy-back, consisting of a repayment to shareholders of the subscription proceeds and a reverse stock split. The shares issued through the programme will be held by a Stichting Administratiekantoor, and will be non-voting, except in limited extraordinary circumstances. The terms of the synthetic buy-back and the issuance will be subject to approval by ASML shareholders at the EGM and statutory provisions regarding repayment of capital.
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