On Semiconductor Explores Sale of Quantenna Assets
(Bloomberg) -- On Semiconductor Corp. is exploring a potential sale of the assets it acquired in 2019 as part of an acquisition of the Wi-Fi chip company Quantenna, according to people familiar with the matter.
The company is working with an adviser and has been in discussions over the past few months about offloading the assets to potential buyers, the people said, asking not to be identified because the matter is private.
On Semiconductor, which acquired Quantenna for about $1 billion, is said to be seeking the same valuation in a potential sale, the people said.
Phoenix-based company hasn’t made a final decision on selling the assets and could opt to keep them, they added.
A representative for On Semiconductor declined to comment.
After it was acquired, Quantenna was to become part of On Semiconductor’s Analog Solutions Group, according to a statement at the time.
Shares of On Semiconductor, which makes analog and standard logic chips, have climbed 77% in the past year. The shares closed Friday at $45.97, giving the company a market value of about $20 billion.
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