ON Semiconductor plans to draw down on revolver to purchase Quantenna

By Wendy Van Sickle

Columbus, Ohio, March 27 – ON Semiconductor Corp. plans to draw down on its revolving credit facility to fund a portion of the purchase price of its planned acquisition of Quantenna Communications, Inc., according to a press release.

ON Semiconductor entered into a definitive agreement to acquire the San Jose, Calif.-based Wi-Fi solutions provider for $24.50 per share in an all cash transaction. The acquisition consideration represents equity value of about $1.07 billion and enterprise value of about $936 million, after accounting for Quantenna’s net cash of about $136 million at the end of fourth quarter of 2018, according to the release.

The company also plans to use cash on hand in the purchase.

ON Semiconductor is a Phoenix-based semiconductor company.

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