- ON Semi (ONNN) is buying Aptina Imaging, a leading automotive/industrial image sensor vendor, for $400M in cash. The deal is expected to close in Q3.
- Aptina was formerly a Micron (MU) subsidiary; the memory giant sold a 65% stake in '09. Assuming Micron still owns 35%, it stands to reap $140M (pre-tax) from Aptina's sale.
- ON will pay for Aptina using cash on hand and an existing credit facility. The chipmaker had $617M in cash/investments as of March 28, and $950M in debt.
- Aptina had revenue of $532M over the 12 months ending May 29 - that means ON is paying only 0.75x sales. Gross margin was 29%, and op. margin just 3%. Rivals include OmniVision and Sony.
- ON expects the deal to be immediately accretive. The company bought specialty image sensor firm Truesense for $92M in April.
From other sites
at CNBC.com (Dec 4, 2014)
at CNBC.com (Dec 3, 2014)
at CNBC.com (Dec 1, 2014)
at CNBC.com (Aug 21, 2014)
at CNBC.com (Mar 18, 2013)
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