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Oudenaarde (Belgium) / Roznov (Czech Republic) Electronics Production | January 27, 2011

ON Semi to buy CMOS Image Sensor Unit from Cypress

ON Semiconductor has signed definitive agreement to acquire the CMOS Image Sensor Business Unit (ISBU) from Cypress in an all cash transaction for approximately USD 31.4 million.

The transaction is expected to close by the end of the first quarter of 2011, subject to customary closing conditions. The ISBU will become an integrated part of ON Semiconductor’s Digital, Military/Aerospace and Image Sensor (DMI) division. "The acquisition of the Image Sensor Business Unit from Cypress will solidify our position as a leading supplier of CMOS Image Sensor products. In addition, the acquisition will strengthen the company’s talent base and add an experienced design and applications engineering team for the image sensor market segment. The 2D high-speed CMOS image sensors from the ISBU will significantly strengthen and complement ON Semiconductor’s image sensor products for the industrial, medical, computing and military/aerospace markets", said Bob Klosterboer, senior vice president and general manager of ON Semiconductor’s Digital and Mixed Signal Group (DMSG). "The sale of our image sensor business will enable Cypress to continue to focus on programmable products including our flagship PSoC programmable system-on-chip solution and our TrueTouch touch-sensing controllers. Our image sensor team has done a remarkable job in recent years advancing its core technologies and broadening its target markets. We believe that ON Semiconductor represents the right home for the business, and that the sale, upon its completion, represents the best possible outcome for our existing customers", said T.J. Rodgers, Cypress president and CEO. Pursuant to the agreement, ON Semiconductor is expected to acquire approximately 100 patents and patent applications related exclusively to the business and receive appropriate intellectual property licenses from Cypress Semiconductor in order to continue to conduct and grow the business. As part of the transaction, approximately 80 Cypress Semiconductor ISBU employees will join the ON Semiconductor organization. Upon the closing, ON Semiconductor may record one-time charges related to the transaction. The amounts of such charges, if any, have not yet been determined.
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