Monday, December 14, 2009

ON Semiconductor Buys California Micro Devices

Phoenix-based ON Semiconductor, a provider of power and other semiconductor products, said today that it is in a definitive merger agreement to buy California Micro Devices. The deal is worth approximately $108M, or $4.70 per share in cash. ON Semiconductor said the deal will "significantly strengthen" the firm's offerings in application specific, integrated passive devices for protecting products in the wireless, computing and consumer electronics markets. ON Semiconductor said it as advised by GCA Savvian Advisors in the deal, with DLA Piper US LLP providing legal counsel. California Micro Devices was represented by Pillsbury Winthrop Shaw Pittman LLP, with a fairness opinion from Needham & Company LLC. California Micro Devices is based in Milpitas, California.