On Semi to buy Aptina for $400 million

On Semi to buy Aptina for $400 million

Business news |
By eeNews Europe

Aptina was created as spin-off of Micron Technology’s image sensor division in March 2008 before becoming a privately held company in July 2009. The technology had a pedigree stretching back through to Micron’s acquisition on Photobit Inc. in 2001. Micron continued to make CMOS image sensors for Aptina at a wafer fab in Avezzano in Italy although that is in the process of being sold off to LFoundry GmbH.

The acquisition will make On Semi a player in the image sensor segments of the automotive and industrial semiconductor markets. Other markets addressed by Aptina’s products include cameras, mobile devices, and computing and gaming platforms.

According to market research firm TSR, the worldwide demand for image sensors for automotive and industrial applications is expected to grow at annual compound rate of 16 percent between 2013 and 2016. In 2012 Aptina was ranked as the fifth largest vendor of CMOS image sensors with an 8 percent share of a $6.9 billion or about $550 million in annual sales, according to Yole Developpement. This makes the $400 million valuation look rather low.

Aptina’s revenue for the twelve months ending on May 29, 2014, was approximately $532 million with gross and operating margins of approximately 29 percent and 3 percent, respectively.

The deal will be funded with cash on the balance sheet and an existing revolving credit facility. It has been approved by both boards of directors and is expected to close during the third quarter of 2014.

Related links and articles:

News articles:

Top ten CMOS image sensor vendors ranked

CMOS image sensor market on 10% CAGR

On Semi sues CMOSIS over image sensors

Google files array camera patent application

Startup launches record resolution 150Mpixel sensor

Micron’s 200mm manufacturing plant to be acquired by LFoundry

If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :    eeNews on Google News


Linked Articles