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June 9, 2014
16:27 EDTONNNON Semiconductor to acquire Aptina Imaging for about $400M in cash
ON Semiconductor signed a definitive agreement to acquire Aptina Imaging, a leading provider of high-performance CMOS image sensors for automotive and industrial markets, which are the key areas of strategic focus for ON Semiconductor. ON Semiconductor will pay approximately $400M in cash to acquire Aptina, subject to certain customary closing adjustments. The acquisition will be funded by cash on balance sheet and ON Semiconductor’s existing revolving credit facility The transaction is expected to be immediately accretive to earnings. Based on unaudited results, Aptina’s revenue for last twelve months ending on May 29 was approximately $532M with gross and operating margins of approximately 29% and 3%, respectively. ON Semiconductor currently intends to report operational results for Aptina and other image and optical sensor businesses in a separate reporting segment as soon as practical after the close of Aptina acquisition. The transaction has been approved by ON Semiconductor’s and Aptina’s boards of directors and is expected to close during the third quarter, subject to required regulatory approvals and customary closing conditions.
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