Montreal billionaire Robert Miller, who faces a cla*s-action lawsuit alleging he paid underage girls for s*x, is selling his company Future Electronics Inc. for more than $5 billion to a Taiwanese semiconductor distributor.
WT Microelectronics Co. says it has signed an agreement to acquire 100 percent of the company’s shares for US$3.8 billion – more than CA$5 billion – in an all-cash transaction expected to close in the first half of 2024.
Future Electronics, which the Quebec business register lists as wholly owned by Miller, is a global distributor of electronic components that employs 5,200 workers in 47 countries.
Co-founded by 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 cla*s action lawsuit against Miller and Future Electronics has seen about 30 women come forward this year, alleging he gave them money and gifts in exchange for s*x when they were minors.
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 cla*s action lawsuit, filed in February by the Consumer Law Group, has not yet been authorized by a judge.
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