ON Semiconductor To Buy Truesense Imaging

(RTTNews) - ON Semiconductor Corp. (ONNN) said Wednesday that it has agreed to buy Truesense Imaging, Inc., a provider of high-performance image sensor devices, for about $92 million in cash, subject to customary adjustments at closing.

The acquisition of Truesense Imaging strongly complements ON Semiconductor's image-sensor business by vastly expanding its technology portfolio and adding more than 200 new customers.

The acquisition will be funded by available cash on ON Semiconductor's balance sheet.

The deal has been approved by ON Semiconductor's and Truesense Imaging's boards of directors and is anticipated to close before the end of the second quarter of 2014.

ON Semiconductor expects the acquisition to be immediately accretive to earnings and margins, excluding any non-recurring acquisition related charges and amortization of acquired intangibles.

Based on unaudited results, Truesense Imaging's revenue for 2013 was about $79 million. Truesense Imaging will be incorporated in ON Semiconductor's Application Products Group (APG) business group.