ON Semiconductor acquires Fairchild Semiconductor

Release time:

2015-11-19

On the evening of the 18th Beijing time, ON Semiconductor announced on Wednesday that it will acquire Fairchild Semiconductor International for $2.4 billion in cash.

　　On the evening of the 18th Beijing time, ON Semiconductor announced on Wednesday that it will acquire Fairchild Semiconductor International for $2.4 billion in cash. This is the latest merger and acquisition deal in the rapidly consolidating semiconductor industry.
　　According to the terms of the deal, ON Semiconductor will pay $20 per share for Fairchild stock, a premium of nearly 12% over the stock's closing price on Tuesday. The combined company's annual revenue is expected to be about $5 billion.
　　As many technology companies seek to diversify their product portfolios and meet market demand for cheaper chips, a wave of mergers and acquisitions is sweeping through the global semiconductor industry, with total M&A deals exceeding $100 billion so far this year.
　　The transaction is expected to be completed in the second quarter of next year. ON Semiconductor stated that this deal will help it expand its power semiconductor business.
　　After the merger, the two companies will become leaders in semiconductor power devices, with an impressive product line covering both breadth and depth.
　　The product lines of both companies are highly complementary, and after merging they will cover high-voltage, medium-voltage, and low-voltage markets for power semiconductor devices.
　　After acquiring Fairchild Semiconductor, ON Semiconductor's strength in key strategic areas such as industrial electronics, automotive electronics, and smartphone terminal markets will be enhanced.
　　According to non-GAAP standards, the new company's earnings per share and free cash flow will immediately improve.
　　The transaction is expected to be completed within 18 months, with anticipated annual operating cost savings of $150 million post-merger.
　　"The merger between ON Semiconductor and Fairchild Semiconductor has created a leader in power semiconductor devices. The new company will be better positioned to face the wave of consolidation in the semiconductor industry. Our plan is to provide consumers with a full range of product solutions from high voltage to low voltage by integrating two highly complementary product lines," said Keith Jackson, President and CEO of ON Semiconductor. "ON Semiconductor's shareholders will also benefit from this acquisition; earnings per share will immediately increase, and there is potential for significant improvement in free cash flow."
　　"As part of ON Semiconductor, Fairchild will continue to lead power technology development by innovating designs to meet consumer demands for efficient energy use, thereby creating value for our global partners and employees," said Mark Thompson, Chairman and CEO of Fairchild Semiconductor. "We will work closely with ON Semiconductor to ensure a smooth integration process."

Key words:

Acquisition, semiconductor, ON Semiconductor, transaction, merger, dollar, power, company, product line

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