ON Semiconductor to buy Quantenna, targets Wi-Fi

March 28, 2019 //By Jean-Pierre Joosting
ON Semiconductor to buy Quantenna, targets Wi-Fi
Providing an entry point into the automotive and industrial low-power connectivity market, ON Semiconductor Corporation has entered into a definitive agreement to acquire Quantenna Communications for $24.50 per share in an all cash transaction.

The acquisition combines ON Semiconductor’s expertise in power management and Bluetooth technologies with Quantenna’s Wi-Fi and software capabilities

 “The acquisition of Quantenna is another step towards strengthening our presence in industrial and automotive markets. The combination of ON’s expertise in highly efficient power management and broad sales and distribution reach, and Quantenna’s industry leading Wi-Fi technologies and software expertise creates a formidable platform for addressing fast growing markets for low-power connectivity in industrial and automotive applications,” said Keith Jackson, president and chief executive officer of ON Semiconductor.

Following consummation, the transaction is expected to be immediately accretive to ON Semiconductor’s non-GAAP earnings per share and free cash flow, excluding any non-recurring acquisition related charges, the fair value step-up inventory amortization, and amortization of acquired intangibles.

The acquisition consideration represents equity value of approximately $1.07 billion and enterprise value of approximately $936 million, after accounting for Quantenna’s net cash of approximately $136 million at the end of fourth quarter of 2018.

www.onsemi.com


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