Montreal billionaire Robert Miller, who faces a class action alleging he paid minors for sexual services, is selling his company Future Electronics for more than $5 billion to a Taiwanese semiconductor distributor.
WT Microelectronics says it has signed an agreement to acquire 100% of the company’s shares for US$3.8 billion – or more than CA$5 billion – in an all-cash transaction expected to close in the first half of 2024 .
Future Electronics, exclusively owned by Mr. Miller according to the Quebec business register, is a global distributor of electronic components which employs 5,200 workers in 47 countries.
Co-founded by Mr. Miller in 1968, the Montreal company claims to have generated $2.9 billion in revenue and $184 million in profits in the first half of 2023.
A class action against Mr Miller and Future Electronics saw around 30 women come forward this year, alleging he gave them money and gifts in exchange for sex when they were underage.
Mr. Miller has denied all accusations, which have not been proven in court. In February, he resigned as chairman and CEO of Future Electronics amid these allegations.
The meetings allegedly took place in hotels in downtown Montreal and in two residences in the wealthy Westmount neighborhood between 1992 and 2012.
The class action, filed in February by the Consumer Law Group, has not yet been authorized by a judge.
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