On Semi buys protection devices specialist for $108million
On Semiconductor is to acquire California Micro Devices for approximately $108million. The chip manufacturer says the buy out will strengthen its offering of asip devices.
CMD is a supplier of protection devices for the mobile handset, high brightness LED, digital consumer electronics and personal computer markets.
Both boards of directors have approved the deal, while On's president and chief executive, Keith Jackson, noted that California Micro's expertise in protection technology would complement its protection and lighting offerings.
Financing the acquisition using existing cash resources, On Semi expects the deal to add to earnings per share within the first year after the close. The transaction is due to be finalised in the first quarter of 2010.
