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Chinese investors to buy OmniVision for $1.9B

Posted: 05 May 2015 ?? ?Print Version ?Bookmark and Share

Keywords:chipmaker? Chinese investors? smartphone? sensor?

OmniVision Technologies, maker of chips for smartphone and tablet cameras, agreed to be bought by a consortium of Chinese investors in an all-cash deal that values the company at $1.9 billion, according to a report from Reuters.

The group of buyers are Chinese private equity firms Hua Capital Management, CITIC Capital Holdings and GoldStone Investment, which will pay $29.75 per share for the company. This represents a 12 per cent premium to the stock's Wednesday close on the Nasdaq last week.

In the past year, the company's shares have grown to about 36 per cent. OmniVision will become a private company following the deal.

In the last two years, Chinese state-owned investment firms also bought other U.S.-listed chipmakers, such as RDA Microelectronics, Montage Technology Group and Spreadtrum Communications.

The California-based company supplies sensors for consumer and commercial applications to customers including Apple. Some of its main competitors are Samsung, Sony and Himax Technologies.

OmniVision has a design centre and a testing facility in China. It generates around 80 per cent of its revenue from the country.

Subject to approval by the company's stockholders and regulators, the transaction is expected to close either later this year or early 2016. OmniVision Chief Executive Shaw Hong is believed to stay at the helm of the company.

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