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© dmitriy-shironosov-dreamstime.com Business | August 19, 2014

ON Semi completes acquisition of Aptina Imaging

ON Semiconductor has completed its acquisition of Aptina Imaging. The total consideration of approximately USD 400 million in cash for the acquisition was funded by cash on the balance sheet and ON Semi’s existing revolving line of credit.
“With a broad portfolio of products and industry-leading technological capabilities, ON Semiconductor is well positioned to provide the most competitive imaging solutions for a broad range of applications,” said Keith Jackson, president and CEO of ON Semiconductor. “The acquisition of Aptina Imaging is a step towards our stated strategic goal of expanding our presence in the automotive, industrial and smartphone end-markets. I am pleased to welcome the employees of Aptina Imaging to ON Semiconductor and I look forward to the opportunities that this transaction creates for our customers, investors and employees.”

ON Semiconductor expects to establish a new reporting segment, which will incorporate the financial results of the company’s consolidated sensor businesses, including the recent acquisitions of Aptina Imaging and Truesense Imaging, and ON Semiconductor’s existing optical, image and touch sensor businesses. The company expects to begin reporting financial results for this segment from the third quarter of 2014.

Taner Ozcelik, has been named Senior Vice President of the Aptina image sensor business and will report to Keith Jackson, president and CEO of ON Semiconductor. Mr. Ozcelik joins the company from Aptina, where he was leading the Automotive and Embedded business as Senior Vice President.

Third Quarter Financial Guidance Update

For the third quarter of 2014, the recent acquisition of Aptina Imaging will likely contribute revenue in the range of USD 60 million to USD 70 million. The impact on GAAP net income for the third quarter of 2014 is expected to be negative due to costs related to restructuring, fair market value step-up of inventory, and other acquisition related items.

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