ON Semiconductor Completes $2.4 Billion Fairchild Semiconductor Acquisition

Phoenix-based ON Semiconductor Corporation said today that it has completed its previously announced, $2.4 billion acquisition of Fairchild Semiconductor. The sale--which had been announced nearly a year ago, in November of 2016, had been dramatically extended due to a failed bid by a pair of Chinese companies to acquire Fairchild. That offer had ultimately been shut down by regulatory concerns over Chinese ownership of key technology developed by Fairchild. ON Semiconductor said the move would allow it to "aggressively expand" its profitability, in what it says is a "highly fragmented" industry.