ON Semi Completes Acquisition of Cypress Image Sensor Business

Business Wire: ON Semi has completed its acquisition of the CMOS Image Sensor Business Unit (ISBU) from Cypress in an all cash transaction for approximately $31.4M, subject to adjustment under the purchase agreement. The purchase price was approximately 1x annual sales for the division.

ISBU is expected to become an integrated part of ON Semiconductor’s Digital, Military/Aerospace and Image Sensor (DMI) division under the direction of Vince Hopkin, vice president of DMI.

With this acquisition, ON Semiconductor acquires approximately 100 patents and patent applications related exclusively to the business and receives appropriate intellectual property licenses from Cypress Semiconductor in order to continue to conduct and grow the business. As part of the transaction, approximately 70 Cypress Semiconductor ISBU employees join the ON Semiconductor organization. The majority of these employees are located in Mechelen, Belgium.