ON Semiconductor Acquires Fairchild Semiconductor For $2.4 Billion

Phoenix-based ON Semiconductor said this morning that it is acquiring Fairchild Semiconductor, in a deal worth approximately $2.4 billion in cash. ON Semiconductor said it will pay $20.00 per share in cash for Fairchild, which is a developer of power semiconductors. Fairchild Semiconductor is based in San Jose, California, and is one of the original pioneers of the semiconductor industry, having been founded in 1957 to commercialize the mass production of transistors--the beginning of the modern semiconductor industry. ON Semiconductor said it was advised by Deutsche Bank, Morrison & Foerster, and BofA Merrill Lynch in the deal; Fairchild was advised by Goldman Sachs and Wachtell, Lipton, Rosen & Katz.