OmniVision to be acquired by Chinese investors

Under the terms of the agreement, OmniVision stockholders will receive USD 29.75 per share in cash, or a total of approximately USD 1.9 billion. The agreement was unanimously approved by OmniVision's Board of Directors. "We are pleased to have reached this agreement, which we believe realizes significant value for our stockholders and offers new opportunities for our employees to develop more innovative solutions for customers." said Shaw Hong, chairman and CEO of OmniVision. "Our Board unanimously concluded that partnering with Hua Capital Management, CITIC Capital and GoldStone Investment was the best choice for OmniVision, as this transaction will provide our stockholders with significant and immediate cash value." "We are excited to partner with OmniVision as they embark on this next phase of growth," said Yue Liu, a managing director at Hua Capital Management. "The world-class management team and employees of OmniVision have built a global leader in digital imaging that is well-positioned to capitalize on fast growing market opportunities in automotive, security, entertainment, and the Internet-of-Things while continuing to expand their market leadership in mobile phones. We believe our unique industry knowledge and operational expertise can help accelerate OmniVision's presence both in China and globally." OmniVision CEO Shaw Hong is expected to remain with OmniVision in the same capacity. The transaction, which is expected to close in the third or fourth fiscal quarter of fiscal year 2016, is subject to approval by OmniVision stockholders, regulatory approvals, including antitrust review in the US and China.