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ON Semiconductor to Buy Fairchild Semiconductor (FCS) for $2.4B

ON Semiconductor (ON) has announced that it will be acquiring Fairchild Semiconductor (FCSfor $2.4 billion.

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The acquisition will have ON Semiconductor paying $20 per share for Fairchild Semiconductor. The new company will have $5 billion in yearly revenue and is expected to cut costs by $150 million 18 months after the deal finishes.

The acquisition of Fairchild Semiconductor by ON Semiconductor was agreed on unanimously by both companies’ boards of directors. The agreement doesn’t need approval from shareholders and is expected to be completed in the second quarter of 2016.

““The immediate EPS accretion and potential to significantly augment ON Semiconductor’s free cash flow, make the Fairchild acquisition an excellent opportunity for ON Semiconductor stockholders,” Keith Jackson, president and CEO of ON Semiconductor, said in a statement.

ON shares were down 7% and FCS shares were up 8% Wednesday afternoon.

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