With the addition of Quantenna’s Wi-Fi technology and software capabilities, ON Semi says this acquisition will significantly enhance its connectivity portfolio and is a step towards strengthening its presence in industrial and automotive markets.
Following consummation, the transaction is expected to be immediately accretive to ON Semi’s non-GAAP earnings per share and free cash flow, excluding any non-recurring acquisition related charges, the fair value step-up inventory amortisation, and amortisation of acquired intangibles.
Completion of the transaction is subject to approval by Quantenna’s stockholders, regulatory approvals and other customary closing conditions. The transaction has been approved by ON Semi’s and Quantenna’s boards of directors and is expected to close in the second half of 2019.