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ON Semiconductor acquires AMIS Holdings in all-stock deal
By Lisa Kerner
Charlotte, N.C., March 17 - ON Semiconductor Corp. completed its stock-for-stock merger with AMIS Holdings, Inc.
AMIS shareholders will receive 1.15 shares of ON Semiconductor common stock for each share of AMIS common stock held as of the close of business on Monday. The former AMIS stockholders will own 26% of ON Semiconductor.
ON Semiconductor will issue a total of 103 million shares of common stock on a fully diluted basis to complete the transaction, according to a company news release.
In addition, the company said it repaid AMIS' senior bank facility with cash on hand from both companies.
"Starting this week, the company will begin executing the planned operational integration of the two companies to ensure a smooth transition and create immediate value for our customers, partners and investors," ON Semiconductor president and chief executive officer Keith Jackson stated in the release.
Stockholders of both ON Semiconductor and AMIS approved the two companies' merger agreement at separate special meetings on March 12.
In December, ON Semiconductor announced it had agreed to acquire AMIS in an all-stock transaction with an estimated equity value of $915 million.
According to Jackson, ON Semiconductor is now positioned to be a global leader of efficient power and analog solutions. The company expects to achieve "significant" operating and manufacturing cost savings as a result of the merger, Jackson noted.
ON Semiconductor is a Phoenix-based designer, manufacturer and marketer of power and data management semiconductors and standard semiconductor components.
Based in Pocatello, Idaho, AMIS designs and manufactures mixed-signal semiconductor products. AMIS is the parent company of AMI Semiconductor.
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