NAGANO, JAPAN -- An Asian private equity firm is acquiring printed circuit board (PCB) fabricator FICT Ltd. in a deal valued at for 100 billion yen ($656 million).

The deal is expected to close in the current quarter.

MBK Partners and Livermore, CA-based FormFactor Inc. will acquire FICT from Advantage Partners. Under terms of the agreement, MBK will assume an 80% share of FICT, with FormFactor receiving a 20% stake for its $60 million investment.

MBK said FICT's capabilities in building semiconductor substrates drove the investment decision.

“The semiconductor industry’s rapidly accelerating adoption of advanced packaging requires increased investment and stronger collaboration across the test and assembly supply chain,” said Mike Slessor, CEO, FormFactor, in a statement. FICT is a supplier to FormFactor.

FICT develops and manufactures PCBs and substrates for semiconductor test equipment and communications infrastructure OEMs. It was founded in 1967 as Fujitsu’s PCB business unit. It has fiscal 2024 sales of about $198 million.