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onsemi and GT Advanced Technologies (“GTAT”), a producer of silicon carbide (SiC), announced that they have entered into a definitive agreement under which onsemi will acquire GTAT for $415 million in cash.
Founded in 1994, GTAT has significant experience in crystalline growth, including SiC. SiC is a key material for next-generation semiconductors that provide technical benefits in SiC power switching devices, significantly improving system efficiency in electric vehicles (EVs), EV charging and energy infrastructure.
The transaction is expected to better position onsemi to secure and grow supply of SiC and meet rapidly growing customer demand for SiC-based solutions in the sustainable ecosystem, including EVs, EV charging and energy infrastructure. Combining onsemi’s manufacturing capabilities with GTAT’s technical expertise will accelerate SiC development and position onsemi to better serve customers as the sustainable ecosystem rapidly ramps up over the next decade. This enhanced SiC capability will allow onsemi to assure customers of supply of critical components and to further commercialize intelligent power technologies.
“This transaction reflects our confidence and stated commitment to meaningfully invest in silicon carbide solutions to support the creation of intelligent power and sensing technologies to help build a sustainable future,” said Hassane El-Khoury, president and chief executive officer of onsemi. “We are focused on deepening our leadership and innovation in game-changing technologies that support the automotive and industrial sectors, and GTAT brings outstanding technical capabilities and expertise in developing wafering-ready silicon carbide, which we intend to accelerate and expand to better empower customers in our high-growth end markets. We look forward to welcoming GTAT’s talented employees to the onsemi team and driving innovation together.”
“Today’s announcement marks the start of a new chapter for GTAT and is a testament to the value created by the hard work and strength of our team,” said Greg Knight, president and chief executive officer of GTAT. “onsemi is strategically positioned to scale our capabilities, providing the resources and platform to maximize the potential of our cutting-edge production techniques and ensure we remain on the forefront of advanced crystalline growth.”
onsemi plans to invest in expanding GTAT’s research and development efforts to advance 150mm and 200mm SiC crystal growth technology, while also investing in the broader SiC supply chain, including Fab capacity and packaging.
The transaction, which has been unanimously approved by the Boards of Directors of onsemi and GTAT, is expected to close in the first half of 2022. Completion of the transaction is subject to regulatory approvals and other customary closing conditions. Approval of onsemi’s stockholders is not required in connection with the proposed transaction.