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ON Semiconductor to Acquire Catalyst Semiconductor

Phoenix-based embedded integrated circuit manufacturer ON Semiconductor Corp. announced Thursday that it has agreed to purchase Catalyst Semiconductor in an all-stock transaction estimated to be worth some $115 million in equity. Headquartered in Santa Clara, Calif., Catalyst Semiconductor produces analog, mixed-signal and non-volatile memory chips. According to ON, Catalyst shareholders will receive 0.706 shares of ON common stock for each share of Catalyst common stock that they own. Those figures, ON said, translate to a value of approximately $6.24 per share of Catalyst common stock. ON noted that the transaction is subject to Catalyst shareholder approval and customary closing conditions. ON added that it expects the transaction to close in Q4 2008.