Catalyst Semiconductor Acquired by ON Semiconductor
Effective immediately, silicon solutions supplier ON Semiconductor Corp. of Phoenix, has completed its acquisition of Catalyst Semiconductor Inc. of Santa Clara, Calif., a markets analog, mixed-signal and non-volatile memory product designer. Under the terms of the agreement, Catalyst stockholders received 0.706 shares of ON Semiconductor’s common stock for each share of Catalyst common stock they own. The Arizona-based company issued approximately 11 million shares for the outstanding California company shares and also assumed its stock-based compensation awards that will result in an additional increase of approximately 2 million shares of ON’s common stock equivalents on a diluted basis. The merger will allow the company to support a broader product portfolio, accelerate revenue growth and increase market share.