SHENZHEN, CHINA — Chinese PCB manufacturer Fastprint Circuit Tech will be acquiring a Chinese subsidiary of Ibiden, a Japanese PCB maker, at a price of JPY 17.7 billion (US $129 million).

Fastprint will be financing the acquisition itself, and plans to bring new investors to the Beijing-based subsidiary while also boosting its development efforts and increasing its investments to upgrade the production process and equipment, the company said in a statement.

Ibiden's Beijing subsidiary has more than 1,300 employees and makes motherboards for leading smartphone suppliers, and its acquisition will open Fastprint to the high-end smartphone market and improve already-existing partnerships, the company said.