Onsemi buys GT Advanced Technologies
Onsemi announced that they have entered into a definitive agreement under which the company will acquire GTAT for $415 million in cash. The transaction, which has been unanimously approved by the Boards of Directors of Onsemi and GTAT, is expected to close in the first half of 2022.
Completion of the transaction is subject to regulatory approvals and other customary closing conditions. Approval of Onsemi’s stockholders is not required in connection with the proposed transaction. The Company intends to fund the transaction through cash on hand and available capacity under its existing revolving credit facility. The company expects the transaction to be marginally dilutive to its non-GAAP earnings per share in the immediate term and to be accretive within one year after close.
Founded in 1994, GTAT has significant experience in crystalline growth, including SiC. SiC is a key material for next-generation semiconductors that provide technical benefits in SiC power switching devices, significantly improving system efficiency in electric vehicles (EVs), EV charging and energy infrastructure.
