Taiwanese SAS (Sino-America Silicon Products) announced on August 10, 2011 that the company is going to acquire the wafer unit of Japanese Covalent Materials for approximately 35 billion yen (US$457.5 million; US$1=76.5 yen), according to the China Times of Taiwan. Covalent Materials' wafer unit is projected to be merged into SAS's semiconductor business. As per the agreement, all contracts, rights, and employees of the wafer unit will be transferred to SAS. Transaction is slated to be finalized before the end of 2011.