OmniVision technologies to be acquired for $1.9 billion
By Bloomberg
OmniVision Technologies Inc., whose camera sensors have been used in Apple Inc.’s iPhone, said it agreed to be acquired for about $1.9 billion by a group of Chinese investors.
A consortium that includes Hua Capital Management Co., a Beijing-based private-equity firm, will pay $29.75 a share in cash, Santa Clara, California-based OmniVision said in a statement Thursday. Citic Capital Holdings Ltd. and GoldStone Investment Co. are also members of the consortium.
OmniVision Chief Executive Officer Shaw Hong, also known as Hong Xiaoying, is expected to remain in his position, the company said.
Chinese buyers are using takeovers to acquire chip capabilities. Last year, a Beijing-based university led the acquisition of Spreadtrum Communications Inc., a designer of chips used to connect smartphones to cellular networks.
Bloomberg reported in September that Hua Capital had hired Bank of America Corp. to provide funding for its bid. In August, OmniVision announced it had received an unsolicited offer from the investor group led by Hua Capital.
OmniVision shares have gained 2.1 percent this year, and ended New York trading Wednesday at $26.55, valuing the company at $1.54 billion.
OmniVision was founded by Hong, a Chinese immigrant, and has a number of Chinese- and Taiwan-educated managers among its senior ranks.
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