ON Semiconductor
Taking Sanyo Semiconductor off Panasonic's
It's a great fit for ON's strategic direction, and it will give the company further leverage when battling peers such as RF Micro Devices
With a combined sales run-rate of about $3.5 billion, ON is still a far cry from analog titan Texas Instruments
Panasonic is happy to hand off a semiconductor arm it never wanted, since it bought Sanyo mostly for its world-leading rechargeable battery operations. If ON can whip this acquisition into shape on time and under budget, it may have just bought itself a high-quality chunk of fresh sales on the cheap. ON's management is talking the talk that would move this deal in the right direction, promising to hold back on further acquisitions until this one has fully settled.
Could ON have spent $366 million in cash and stock better anywhere else? I don't think so, but feel free to discuss other options in the comments below.