SAN FRANCISCO — Chinese contract manufacturer Wingtech Technology Co Ltd said it has struck deals to acquire a controlling stake in Netherlands-based Nexperia, a spin off of NXP Semiconductors.

According to a report from the Reuters news service, Wingtech announced it would spend about $2.67 billion to acquire shares of Nexperia from existing owners. The company had announced last month it would pay about $964 million to acquire another owner of Nexperia, Reuters reported. As a result of these transactions, Wingtech will own about 75% of Nexperia.  

Nexperia is a supplier of discretes, logic and MOSFETs to a global customer based. Wingtech bills itself as the world's largest contract manufacturer of smartphones.

Reuters reported that the deal will be subject to regulatory review, including approval by the Committee on Foreign Investment in the United States (CFIUS), the powerful multi-agency committee that reviews transactions for potential national security concerns.

Over the past two years, as tensions between the U.S. and China have grown, CFIUS has been weary of approving the acquisition of U.S. and Western companies by Chinese firms. Notably, a potential deal by a Chinese investment firm to acquire Lattice Semiconductor was struck down last year by U.S. President Donald Trump after CFIUS recommended against it.