ON Semiconductor To Buy Aptina Imaging

(RTTNews) - ON Semiconductor Corp. (ONNN) said Monday that it has agreed to buy Aptina Imaging, a provider of high-performance CMOS image sensors for automotive and industrial markets, for about $400 million in cash, subject to customary adjustments at closing.

The acquisition will be funded by available cash on ON Semiconductor's balance sheet and its existing revolver credit facility.

The deal, which has been approved by boards of directors of both companies, is expected to close during the third quarter of 2014.

ON Semiconductor said the acquisition of Aptina vastly expands its image-sensor business and establishes the company as a leader in the fast growing segment of image sensors in automotive and industrial semiconductor market.

ON Semiconductor expects the acquisition to be immediately accretive to earnings, excluding any non-recurring acquisition related charges, the fair value step-up inventory amortization, and amortization of acquired intangibles.