Austriamicrosystems to acquire Texas Advanced Optoelectronic Solutions for USD 320 million
TAOS is recognized globally as an established innovator in light sensing technology, its industry-leading display management solutions include ambient light sensors, proximity sensors and colour sensors. For fiscal year 2010, TAOS recorded audited revenues of USD 81 million (2009: USD 40 million) and an operating profit margin exceeding 30%.
The consideration for the shares to be acquired will amount to approximately USD 320 million, or approximately EUR 220 million, and is payable as follows: approximately 50% of the consideration in new austriamicrosystems shares against contribution in kind of TAOS shares including customary lock up clauses, i.e. a selling prohibition for the first six months and selling restrictions for up to 24 months after closing of the transaction, and approximately 50% of the consideration in cash.
"Acquiring TAOS results in a complementary expansion of our existing innovative sensor portfolio for mobile devices and considerable growth of our Consumer & Communications business. TAOS holds a
strong market position as a leading, high-volume provider to many major makers of mobile consumer electronics worldwide. The strategic combination of austriamicrosystems and TAOS creates a significant provider of advanced sensor technologies for the attractive smartphone and tablet PC markets", emphasizes John Heugle, CEO of austriamicrosystems.
Visit austriamicrosystems at www.austriamicrosystems.com
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