ON Semiconductor of Phoenix will acquire the CMOS Image Sensor Business Unit (ISBU) of Cypress Semiconductor Corp. of San Jose, Calif., in an all-cash transaction of approximately $31.4 million. Subject to customary closing conditions, the transaction is expected to close by the end of the first quarter of 2011. The ISBU will become an integrated part of ON Semiconductor’s Digital, Military/Aerospace and Image Sensor Div. ON Semiconductor’s current products target 1-D image sensing with a focus on contact image sensing and ambient/proximity sensors. At the close of the acquisition, it will have a complete image sensing product offering between 1- and 2-D sensors across multiple end markets.