indie Semiconductor (Nasdaq: INDI), an Aliso Viejo, CA-based autotech solutions provider, acquired GEO Semiconductor, a San Jose, CA-based provider of video processors for automotive cameras.
The amount of the deal was not disclosed. Subject to the terms and conditions of the definitive agreement, indie will pay $180m in the aggregate to GEO equity and debt holders at closing, comprised of $90m in cash plus approximately 12m indie Class A common shares, based on a 20-day VWAP. In addition, if certain performance targets are exceeded over an 18-month post-closing period, there is an opportunity for such holders to earn up to $90m more in equity, collared between $8.50 and $11.50 per INDI Class A common share. The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.
With the acquisition, indie will extend its market reach in Japan and Corea.
GEO Semiconductor is a private semiconductor company developing camera video processors for automotive viewing and ADAS cameras. Its proposition is to provide automotive Tier 1s with hardware, tools, and support to guarantee image quality and system performance. Underpinned by 100 global patents, GEO’s camera-based sensing and viewing capabilities are shipping today to some of the world’s largest automotive OEMs including Honda, Hyundai, Kia, Nissan and Toyota. With design wins across more than 20 Tier 1s and 400 car models, GEO has programs with every major image sensor supplier in the world and is engaged in multiple EV and autonomous vehicle programs.
Led by CEO Donald McClymont, indie focuses on edge sensors spanning multiple modalities, including radar, LiDAR, ultrasound and computer vision for Advanced Driver Assistance Systems (ADAS), user experience and electrification applications. Headquartered in Aliso Viejo, CA, the company has design centers and sales offices in Austin, TX; Boston, MA; Detroit, MI; San Francisco and San Jose, CA; Córdoba, Argentina; Budapest, Hungary; Dresden, Munich and Nuremburg, Germany; Cambridge, England; Edinburgh, Scotland; Rabat, Morocco; Haifa and Tel Aviv, Israel; Quebec City, Canada; Tokyo, Japan; Seoul, South Korea and several locations throughout China.
FinSMEs
13/02/2023