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Draft:Linxens

From Wikipedia, the free encyclopedia
Linxens
TypeSociété par actions simplifiée
IndustryElectronics, RFID, smart card components
ProductsMicroconnectors, RFID antennas and inlays, IoT modules, authentication and traceability solutions
Number of employees
approximately 3,000
Websitewww.linxens.com


Linxens is a French technology company that manufactures components and develops technologies used in smart cards, identification products, radio-frequency identification (RFID), and other electronic applications. Its products have included microconnectors, antennas, RFID inlays and tags, and components used in payment cards, SIM cards and identification products.[1][2]

Linxens originated from the Microconnections division of French connector manufacturer FCI. In 2011, the division was sold to private equity firm Astorg and established as a stand-alone business.[3][1] The company was later renamed Linxens and was acquired by CVC Capital Partners in 2015.[4][5] In 2018, Tsinghua Unigroup agreed to acquire Linxens from CVC.[6]

History

[edit]

Microconnections and Astorg

[edit]

Linxens originated from the Microconnections division of FCI, a French manufacturer of electrical connectors. In 2011, private equity firm Astorg acquired the division from FCI, separating Microconnections from its former parent and establishing it as a stand-alone business.[3]

FCI had previously been the connector subsidiary of the French industrial group Areva before being acquired by Bain Capital in 2006.[7]

At the time of the Astorg transaction, Microconnections had reported revenue of €202 million for 2010. L'Agefi described it as the world leader in the production of flexible connectors for smart cards.[3]

The business was subsequently renamed Linxens.[1]

Acquisition by CVC Capital Partners

[edit]

In 2015, CVC Capital Partners entered into an agreement to acquire Linxens from Astorg.[5][4]

The Wall Street Journal reported that the transaction valued Linxens at approximately €1.5 billion ($1.66 billion) and that CVC had pre-empted an auction process being run by Astorg.[5]

Reuters reported that Linxens had approximately 1,100 employees, five manufacturing facilities and three research and development centres in Europe and Asia at the time.[1]

Between 2010 and 2014, Linxens's annual sales increased from approximately €200 million to €253 million, according to L'Agefi. The company had manufacturing operations in France and Singapore and had also acquired Thai company KNL, which specialized in contactless technology.[4]

L'Agefi reported that Linxens was benefiting from the expansion of smart-card use in China and the United States. Europe and Asia accounted for approximately 49 percent and 51 percent of its sales respectively.[4]

Acquisition by Tsinghua Unigroup

[edit]

In 2018, Chinese semiconductor company Tsinghua Unigroup moved to acquire Linxens from CVC.[6]

The proposed acquisition received coverage in the French press. Le Figaro described Linxens as a French technology "pépite" and reported on the proposed transaction.[8]

Reuters reported that Tsinghua Unigroup had agreed to acquire Linxens for approximately €2.2 billion. The proposed acquisition also raised questions over whether the French government would regard Linxens as a strategic company and therefore subject the transaction to foreign-investment controls.[6]

The French government did not object to the transaction. According to a Finance Ministry official cited by Reuters, Linxens was not considered strategic because it manufactured passive components rather than semiconductors.[9]

Tsinghua restructuring

[edit]

Tsinghua Unigroup later experienced serious financial difficulties and defaulted on bond obligations in 2020. The group entered a court-supervised restructuring process in China in 2021.[10]

A consortium led by Wise Road Capital and JAC Capital was subsequently selected as the strategic investor in Tsinghua Unigroup's restructuring.[10]

The restructuring was completed in 2022, with Wise Road Capital and JAC Capital among the investors in the reorganized group.[11]

Operations

[edit]

Linxens manufactures components used in smart cards and other electronic products. Its smart-card products have included connectors used in banking cards, SIM cards, identification cards and health cards.[1]

The company also develops Internet of Things (IoT) and RFID technologies. Bloomberg describes Linxens France's activities as including IoT modules, authentication and traceability platforms, and RFID inlays and tags.[2]

Bloomberg lists automotive, logistics, luxury goods, transportation, supply chain, food and beverage, and healthcare among the sectors served by Linxens France.[2]

The company has operated manufacturing and research facilities in Europe and Asia.[1]

Tsinghua Unigroup International litigation

[edit]

Linxens Holding SAS was involved in legal proceedings in the British Virgin Islands arising from the liquidation of Tsinghua Unigroup International Co. Ltd. (TUI).[12]

In September 2020, Linxens provided financing to TUI. TUI subsequently made a payment of approximately US$125.9 million to Linxens in December 2020.[13]

After TUI entered liquidation, its joint liquidators challenged the payment to Linxens as an unfair preference.[12][13]

In 2026, the Commercial Division of the High Court of Justice of the British Virgin Islands ruled in Luke Almond et al v Linxens Holding SAS that the payment should be set aside as an unfair preference.[12] In reaching its decision, the court considered TUI's cash-flow insolvency at the time of the payment and whether the transaction had occurred in the ordinary course of business.[13]

Passport supply-chain scrutiny

[edit]

In 2026, the Financial Times investigated Linxens's role in the supply chain for electronic passports and its ownership following the restructuring of Tsinghua Unigroup.[11]

The Financial Times reported that Linxens produces inlays used in biometric passports. The inlays contain chips and antennas that allow the passports and the personal data they contain to be read electronically, although the chips themselves are supplied by another manufacturer.[11]

The report examined Linxens's links to Wise Road Capital and JAC Capital, which led the investor group involved in the restructuring of Tsinghua Unigroup. Both investment firms were added to the United States Department of Commerce's Entity List in 2024 over national-security concerns relating to semiconductor technology.[11]

The Financial Times reported that Linxens's ownership had raised concerns among some security specialists and British politicians about the passport supply chain. Linxens stated that it did not have access to the transport or personalisation keys used for passport chips and said that its operations complied with applicable security requirements.[11]

Labour dispute in France

[edit]

In 2026, employees at the Linxens plant in Buchelay, Yvelines, took industrial action during a dispute concerning employment and working conditions.[14]

References

[edit]
  1. 1 2 3 4 5 6 Ruckin, Claire (1 July 2015). "REFILE-LPC-Banks line up around 1 bln euros of debt for CVC Linxens buy". Reuters. Retrieved 31 August 2026.
  2. 1 2 3 "Linxens France SA". Bloomberg. Retrieved 31 August 2026.
  3. 1 2 3 "Astorg Partners scelle le rachat des microcircuits de FCI". L'Agefi. 29 September 2011. Retrieved 31 August 2026.
  4. 1 2 3 4 Laurin, Amélie (2 July 2015). "CVC valoriserait 1,5 milliard d'euros son LBO sur le français Linxens". L'Agefi. Retrieved 31 August 2026.
  5. 1 2 3 Raice, Shayndi (30 June 2015). "CVC to Buy French Tech Firm Linxens in $1.7 Billion Deal". The Wall Street Journal. Retrieved 31 August 2026.
  6. 1 2 3 "Chinese chipmaker Tsinghua Unigroup to buy France's Linxens for $2.6 billion - sources". Reuters. 25 July 2018. Retrieved 31 August 2026 – via Business Standard.
  7. ↑ Landrot, Antoine (12 September 2011). "Astorg négocie en exclusivité le rachat des microconnexions de FCI". L'Agefi. Retrieved 31 August 2026.
  8. ↑ Debouté, Alexandre (25 July 2018). "Un chinois convoite Linxens, une pépite de la tech française". Le Figaro. Retrieved 31 August 2026.
  9. ↑ "France not objecting to sale of Linxens to Chinese group". Reuters. 26 July 2018. Retrieved 31 August 2026 – via Business Standard.
  10. 1 2 "China's Tsinghua Unigroup says creditors back restructuring plan". Reuters. 29 December 2021. Retrieved 31 August 2026 – via Yahoo Finance.
  11. 1 2 3 4 5 Rees, Rachel; Fisher, Lucy (29 May 2026). "UK and European passports linked to restricted Chinese investors". Financial Times. Retrieved 31 August 2026.
  12. 1 2 3 Luke Almond et al v Linxens Holding SAS (High Court of Justice of the Virgin Islands, Commercial Division 2026), Text.
  13. 1 2 3 "BVI Case Law Update". Baker & Partners. 2026. Retrieved 31 August 2026.
  14. ↑ Leclaire, Maxime (3 August 2026). "Buchelay : une semaine de grève chez Linxens contre la violence managériale et la régression sociale". Infos Yvelines. Retrieved 31 August 2026.

Category:Electronics companies of France

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