거래 관련 주요사항:
- 양사의 강점을 통합해 자동차 및 산업용 저전력 커넥티비티 시장에 진출 가능
- 온세미컨덕터가 보유한 전력 관리 & 블루투스 기술 전문성과 퀀테나의 Wi-Fi 및 소프트웨어 기능 통합
- 비 GAAP 주당 순이익과 잉여현금흐름 즉시 상승 예상
2019년 3월 29일 – 에너지 효율 혁신을 주도하는 온세미컨덕터 (Nasdaq: ON) (“ON Semiconductor”), and Quantenna Communications, Inc. (Nasdaq: QTNA가 주당 24.50달러 현금 거래로 퀀테나 커뮤니케이션즈(Quantenna Communications)를 인수하는 최종 합의서를 체결했다고 밝혔다. 인수 대가는 1억 3,600만 달러 가량의 2018년 4분기 퀀테나 순 현금 보유량을 고려한 약 10억 7천만 달러의 주식 가치와 9억 3,600만 달러 기업 가치로 나타난다. 이번 인수로 퀀테나의 업계 선도적 Wi-Fi 기술과 소프트웨어 기능을 추가해 온세미컨덕터의 커넥티비티 포트폴리오가 대폭 향상될 전망이다
온세미컨덕터 회장 겸 CEO 키이스 잭슨(Keith Jackson)은 “우리는 퀀테나를 온세미컨덕터의 일부로 하나가 된 것을 매우 기쁘게 생각한다. 퀀테나 인수는 산업 및 자동차 시장에서 우리 입지를 한층 강화하기 위한 또 한 번의 큰 도약이다. 고효율 전력관리와 광범위한 판매, 유통 분야에서 온세미컨덕터가 보유한 전문성과 퀀테나의 업계 선도적 Wi-Fi 기술 및 소프트웨어의 결합은 급 성장하는 산업 및 차량을 위한 애플리케이션용 저전력 커넥티비티 시장을 겨냥할 수 있는 강력한 플랫폼을 만든다. 이번 인수로 양사 고객과 주주, 임직원들에 기회를 창출할 수 있어 매우 기쁘다”고 말했다.
퀀테나 회장 겸 CEO 샘 헤이다리(Sam Heidari)는 “금일 발표는 전 세계 퀀테나 직원과 고객에게 좋은 소식이다. 온세미컨덕터 팀이 된 퀀테나는 세계적 수준의 조직으로부터 고객에게 최상의 최종 사용자 경험을 제공하겠다는 다짐을 실현할 것이다”라며, “우리의 성과를 자랑스럽게 생각하며, 온세미컨덕터와 원활히 인수를 추진해 유능한 퀀테나 직원들에게 흥미로운 새로운 기회를 제공하고, 선도적 Wi-Fi 기술 혁신 업체로서 오랜 입지를 강화시켜 나갈 것으로 기대한다”고 말했다.
거래가 종료된 후 비경상 인수 관련 비용, 공정 가치 스텝-업(step-up) 재고 상각, 인수 무형자산 상각을 제외한 온세미컨덕터의 비-GAAP 주당 순이익과 잉여현금흐름은 즉시 상승할 것으로 보인다.
이번 인수 거래는 자금 조달조건에 해당되지 않는다. 온세미컨덕터는 기존 회전신용편의 기법하의 가용 자금으로 이번 인수 거래 자금을 조달할 계획이다.
거래 완료는 퀀테나 주주, 규제 승인 및 종결 조건 관습에 따른 승인으로 결정된다. 이번 거래는 온세미컨덕터와 퀀테나 이사회 승인을 얻었으며, 2019년 하반기 종료될 예정이다. 제시된 거래와 관련해 온세미컨덕터 측 주주 승인은 필요하지 않다.
모리슨 & 포에스터 LLP(Morrison & Foerster LLP)가 온세미컨덕터 법률 고문을 맡았다. 퀀테나 측 재무 고문은 카탈리스트 파트너(Qatalyst Partners), 법률 고문은 오멜버니 앤 마이어스(O'Melveny & Myers) LLP가 각각 맡았다.
에너지 효율적인 전자 제품의 혁신을 주도하고 엔지니어들이 글로벌 에너지 사용을 줄이기 위한 설계를 가능케 하는 온세미컨덕터 (나스닥: ON)는 자동차, 통신, 컴퓨터, 소비가전, 산업용, LED조명, 의료, 군사/항공, 전력 공급 애플리케이션부문에서 고객들이 독특한 설계 과제를 해결하도록 에너지 효율적인 전력/신호 관리, 로직을 비롯해 개별 소자와 맞춤 식 솔루션 포트폴리오를 다양하게 포괄적으로 제공한다. 온세미컨덕터는 즉각적이고 신뢰성 있는 세계 최고 수준의 공급망을 운영 중이며 북미, 유럽, 아시아 태평양 지역의 주요 시장에 제조 공장, 판매 대리점, 디자인 센터 네트워크를 통해 기술 서비스를 제공하고 있다. 더 자세한 정보를 알려면 https://www.onsemi.com을 방문하면 된다.
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ON Semiconductor 와 ON Semiconductor 로고는 Semiconductor Components Industries, LLC의 고유상표로 등록되어있다. 여기에 언급된 모든 다른 제품과 회사명은 각 소유자들의 고유 상표이기도 하다.
About Quantenna Communications
Quantenna (Nasdaq: QTNA) is the global leader and innovator of high performance Wi-Fi solutions. Founded in 2006, Quantenna has demonstrated its leadership in Wi-Fi technologies with many industry firsts. Quantenna continues to innovate with the mission to perfect Wi-Fi by establishing benchmarks for speed, range, efficiency and reliability. Quantenna takes a multidimensional approach, from silicon and system to software, and provides total Wi-Fi solutions. For more information, visit www.quantenna.com ).
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Cautions regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to: statements related to the consummation and benefits of the acquisition by ON Semiconductor Corporation (“ON Semiconductor”) of Quantenna Communications, Inc. (“Quantenna”) for customers, shareholders, and employees of the two companies, including creating a formidable platform for addressing fast growing markets for low-power connectivity in industrial and automotive applications; ON Semiconductor strengthening its presence in industrial and automotive markets; and the expectation of a smooth transition of Quantenna with ON Semiconductor and the acquisition reinforcing Quantenna’s longstanding position as a leading Wi-Fi technology innovator. These forward-looking statements are based on information available to each of ON Semiconductor and Quantenna of the date of this release and current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks and uncertainties include a variety of factors, some of which are beyond our control. In particular, such risks and uncertainties include, but are not limited to: the risk that one or more closing conditions to the transaction may not be satisfied or waived, on a timely basis or otherwise; the risk that the transaction does not close when anticipated, or at all, including the risk that the requisite regulatory approvals may not be obtained; matters arising in connection with the parties’ efforts to comply with and satisfy applicable regulatory approvals and closing conditions relating to the transaction; there may be a material adverse change of ON Semiconductor or Quantenna, or our respective businesses may suffer as a result of uncertainty surrounding the transaction; the transaction may involve unexpected costs, liabilities or delays; difficulties encountered in integrating Quantenna, including the potentially accretive and synergistic benefits; difficulties leveraging desired growth opportunities and markets; the possibility that expected benefits and cost savings may not materialize as expected; our revenue and operating performance; economic conditions and markets (including current financial conditions); risks related to our ability to meet our assumptions regarding outlook for revenue and gross margin as a percentage of revenue; effects of exchange rate fluctuations; the cyclical nature of the semiconductor industry; changes in demand for our products; changes in inventories at our customers and distributors; technological and product development risks; enforcement and protection of our intellectual property rights and related risks; risks related to the security of our information systems and secured network; availability of raw materials, electricity, gas, water and other supply chain uncertainties; our ability to effectively shift production to other facilities when required in order to maintain supply continuity for our customers; variable demand and the aggressive pricing environment for semiconductor products; our ability to successfully manufacture in increasing volumes on a cost-effective basis and with acceptable quality for our current products; risks associated with other acquisitions and dispositions, including our ability to realize the anticipated benefits of our acquisitions and dispositions; risks that acquisitions or dispositions may disrupt our current plans and operations, the risk of unexpected costs, charges or expenses resulting from acquisitions or dispositions and difficulties arising from integrating and consolidating acquired businesses, our timely filing of financial information with the SEC for acquired businesses and our ability to accurately predict the future financial performance of acquired businesses; competitor actions, including the adverse impact of competitor product announcements; pricing and gross profit pressures; loss of key customers or distributors; order cancellations or reduced bookings; changes in manufacturing yields; control of costs and expenses and realization of cost savings and synergies from restructurings; significant litigation; risks associated with decisions to expend cash reserves for various uses in accordance with our capital allocation policy such as debt prepayment, stock repurchases or acquisitions rather than to retain such cash for future needs; risks associated with our substantial leverage and restrictive covenants in our debt agreements that may be in place from time to time; risks associated with our worldwide operations, including changes in trade policies, foreign employment and labor matters associated with unions and collective bargaining arrangements, as well as man-made and/or natural disasters affecting our operations or financial results; the threat or occurrence of international armed conflict and terrorist activities both in the United States and internationally; risks of changes in U.S. or international tax rates or legislation, including the impact of the recent U.S. tax legislation; risks and costs associated with increased and new regulation of corporate governance and disclosure standards; risks related to new legal requirements; and risks involving environmental or other governmental regulation. Information concerning additional factors that could cause results to differ materially from those projected in the forward-looking statements is contained in ON Semiconductor’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other of ON Semiconductor’s filings with the Securities and Exchange Commission. These forward-looking statements are as of the date hereof and should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as may be required by law. For additional information, visit ON Semiconductor’s corporate website, www.onsemi.com, or for official filings visit the SEC website, www.sec.gov.
Important Additional Information and Where to Find It
In connection with the proposed transaction, Quantenna will file with the SEC and mail or otherwise provide to its stockholders a proxy statement regarding the proposed transaction. BEFORE MAKING ANY VOTING DECISION, QUANTENNA’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and security holders may obtain a free copy of the proxy statement and other documents that Quantenna files with the SEC (when available) from the SEC’s website at www.sec.gov and Quantenna’s website at https://ir.quantenna.com/investor-overview. In addition, the proxy statement and other documents filed by Quantenna with the SEC (when available) may be obtained from Quantenna free of charge by directing a request to Vernon Essi, Jr., Investor Relations, Quantenna Communications, Inc., 1704 Automation Parkway, San Jose, California 95131, Phone: (669) 209-5647. Media inquiries can be directed to Vernon Essi, Jr. at email@example.com, Phone: (669) 209-5647.
Certain Participants in the Solicitation
Quantenna, its directors and certain of its executive officers and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Quantenna stockholders with respect to stockholder approval of the proposed acquisition of Quantenna. Information regarding the names of Quantenna’s directors and executive officers and their respective interests in Quantenna by security holdings or otherwise is set forth in Quantenna’s Annual Report on Form 10-K for the fiscal year ended December 30, 2018 filed with the SEC on March 1, 2019, Quantenna’s definitive proxy statement for its 2018 Annual Meeting of Shareholders filed with the SEC on April 25, 2018 and Quantenna’s Current Reports on Form 8-K dated June 8, 2018 and August 31, 2018. To the extent holdings of such participants in Quantenna’s securities are not reported, or have changed since the amounts described in the proxy statement for the 2018 Annual Meeting of Shareholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of such individuals in the proposed transaction will be included in the proxy statement relating to such acquisition when it is filed with the SEC. These documents may be obtained free of charge from the SEC’s website at www.sec.gov and Quantenna’s website at https://ir.quantenna.com/investor-overview.