Facing a class-action lawsuit that accuses him of soliciting for illicit relations with underage girls, Montreal-based billionaire Robert Miller is parting ways with his company, Future Electronics Inc. The business has been earmarked for sale, with a price tag exceeding $5 billion, and the interested buyer is a Taiwanese company that specializes in the distribution of semiconductors.
Securing the deal is WT Microelectronics Co., unveiling an arrangement that permits them to take ownership of 100 per cent of the company’s shares. The transaction is valued at approximately US$3.8 billion, or more than $5 billion Canadian, given current exchange rates. All funds involved will be comprised entirely of cash, with the proposed completion date optimistically slated for the first half of 2024.
Listed as the sole proprietor of Future Electronics on the Quebec’s business registry, Miller has overseen the growth of his company into an international force in electronic component distribution. In operation across 47 countries, the business has an estimated employee figure of 5,200.
Established by Miller in 1968, Future Electronics has its roots planted firmly in Montreal. Recent financial figures disclose impressive performance, with the company reporting revenue of US$2.9 billion and profits hitting the US$184 million mark in the first half of 2023.
This year, however, the spotlight has swivelled from the business acumen of Robert Miller to intensely personal allegations. Propelling a class-action lawsuit involvement against Miller and his company, Future Electronics, are approximately 30 women, who have accused Miller of compensating them with money and other items for sexual favours while they were still minors.
A defiant Miller has categorically refuted all accusations, none of which have yet been substantiated in the courtroom. Amid the ensuing controversy, he resigned from his role as Chairman and CEO of Future Electronics in February. The exchange of facts in these proceedings promise to be watched with keen interest, as they unfold parallel to the sale of his company.