ON Semiconductor Gets Fed Nod On Fairchild Buy, Sells Unit To Littlefuse

Phoenix-based ON Semiconductor said late Thursday that it ahs received Federal Trade Commission approval on its acquisition of Fairchild Semiconductor, after it agreed to sell off its planar insulated gate bipolar transistor to Littelfuse. ON Semiconductor said Littelfuse will pay it a combined $104M in cash for both the company's planar insulated gate bipolar transistor (Ignition IGBT) business, along with transient voltage suppression (TVS) diode and switching thyristor product lines. ON Semiconductor and Fairchild Semiconductor reached a deal back in November of 2015, where ON Semiconductor would pay $2.4 billion for the company, or $20 per share; that offer has been stalled for the last year due to a competing offer from a set of Chinese companies, China Resources Microelectronics Ltd. and Hua Capital Management Co., which was quashed due to national security concerns.