ON Looks to Quantenna Buy as Route to Industrial, Automotive Markets

ON Semiconductor agreed to buy Quantenna for $24.50 per share in an all-cash transaction with an equity value of $1.07 billion and an enterprise value of $963 million. The acquisition adds Quantenna’s Wi-Fi and software capabilities to ON’s connectivity portfolio and strengthens its position in industrial and automotive markets, it said. The transaction, expected to close in second-half 2019, requires approval of Quantenna’s stockholders but not ON’s, it said.