ON Semiconductor Completes Aptina Imaging Acquisition

(RTTNews) - ON Semiconductor Corp. (ONNN) said Monday that it has completed its acquisition of Aptina Imaging.

The total consideration of about $400 million in cash for the acquisition of Aptina Imaging was funded by cash on the balance sheet and ON Semiconductor's existing revolving line of credit.

ON Semiconductor expects to establish a new reporting segment, which will incorporate the financial results of the company's consolidated sensor businesses, including the recent acquisitions of Aptina Imaging and Truesense Imaging, and ON Semiconductor's existing optical, image and touch sensor businesses. The company expects to begin reporting financial results for the newly created segment from the third quarter of 2014. Taner Ozcelik, has been named Senior Vice President of the Aptina image sensor business.

For the third quarter of 2014, the recent acquisition of Aptina Imaging will likely contribute revenue in the range of $60 million to $70 million. The impact on third quarter net income is expected to be negative due to costs related to restructuring, fair market value step-up of inventory, and other acquisition related items. Excluding the costs related to restructuring, fair market value step-up of inventory, and other acquisition related items, the acquisition of Aptina Imaging is expected to be slightly accretive to the company's adjusted net income for the third quarter.