ON Semiconductor closes acquisition of Catalyst Semiconductor

By Susanna Moon

Chicago, Oct. 10 - ON Semiconductor Corp. said it completed its acquisition of Catalyst Semiconductor, Inc. on Friday in a stock-for-stock merger.

Catalyst stockholders received 0.706 ON Semiconductor shares for each Catalyst share.

ON Semiconductor issued about 11 million shares for outstanding Catalyst shares.

"This acquisition is directly aligned with both our strategic and financial goals," Donald Colvin, ON Semiconductor executive vice president and chief financial officer, said in a press release.

"The Catalyst acquisition will also add approximately $25 million of cash and equivalents to ON Semiconductor's balance sheet. We intend to provide further details on the acquisition and our third quarter 2008 results on our regularly scheduled quarterly earnings conference call on Oct. 30," Colvin said.

Catalyst said on Thursday that its stockholders voted for the company's merger with ON Semiconductor at a special meeting.

In July it was announced that ON Semiconductor would acquire Catalyst in an all-stock deal for $115 million.

ON Semiconductor is a Phoenix-based designer, manufacturer and marketer of power and data management semiconductors and standard semiconductor components.

Based in Santa Clara, Calif., Catalyst designs and markets reprogrammable non-volatile memory products and analog/mixed-signal semiconductor products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.