GCA Semiconductor Sector Report Q4 2017 - A Premier Global ...€¦ · Apple, Kingston Technology,...

SEMICONDUCTORSECTOR REPORT

Q4 2017

2222

DEAL DASHBOARD

Notes:Source: Capital IQ and 451 Group. Q4 financial information as of 12/31/2017.(1) Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM. (2) A special purpose acquisition company formed and controlled by Bain Capital-led consortium. Members of the consortium include: Bain Capital, SK Hynix, Toshiba, Hoya Corp,

Apple, Kingston Technology, Seagate Technology and Dell Technologies. (3) PHLX Semiconductor Sector Index (^SOX), used as a proxy for the semiconductor landscape. Top holdings in the ETF include NVDA, AVGO and TXN.(4) Criteria based on global public semiconductor transactions announced with transaction values greater than or equal to $20MM.

Semiconductor

$155.7 Billion

Q4 2017 M&A Volume (1)

Quarterly M&A Volume ($MM) (1) Quarterly M&A Deal Count (1) Top M&A Transactions - 2017

Acquirer Target Transaction Value ($MM)

$147,105

K.K. Pangea (2)

Flash Memory$17,867

$15,004

$6,843

$1,833

$804

LTM Semiconductor Performance vs. SPX (3) Median M&A EV / NTM Revenue Over Time (4)

1.3x 1.9x

2.3x 2.2x 2.8x

3.4x

0.0x

2.0x

4.0x

6.0x

8.0x

2012 2013 2014 2015 2016 2017

38.2%

19.4%

^SOX ^SPX

20

12

18

13

89 9

7

9

0

5

10

15

20

25

Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17 Q3' 17 Q4' 17

$12,320 $6,494 $7,430

$51,522 $59,211

$17,021

$3,047

$19,825

$155,739

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17 Q3'17 Q4'17

(10%)

0%

10%

20%

30%

40%

50%

Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

3333

PERSPECTIVES ON CONSOLIDATIONSemiconductor Industry Increasing Rate of Consolidation

Public Companies(1):

130


121


103


70(7%) (15%) (32%)

10+ Years Ago

6 Years Ago

4 Years Ago

Today

$17.3BN

$18.2BN

$37BN$8BN $4.9BN

$3.6BN $3.6BN

$3.5BN

$18BN

Sponsors

$4.2BN

Notable Acquisitions Notable Acquisitions Notable Acquisitions

Notes: 10+, 6 and 4 years ago time periods represent data as of 1/1/2006, 1/1/2011 and 1/1/2013, respectively. “Today” represents data as of 12/31/2017. Deal values represent total transaction value, calculated as implied enterprise value plus cash per Capital IQ.(1) Represents U.S.-based public semiconductor companies with a market capitalization greater than $100MM.

$48BN

$31.5BN

$15.7BN $15.4BN

$17.9BN

K.K. Pangea

4444

MARKET SUMMARY

Automotive(1) Consumer(2)

Datacenter(3) Diversified(4)

Notes:(1) Automotive: Elmos, Infineon, Melexis NV, Renesas, u-blox Holding.(2) Consumer: Advanced Micro Devices, Ambarella, ams AG, Cirrus Logic, Dialog, Diodes, Intel, Knowles, Marvell, MaxLinear, Nordic, NVIDIA, Qorvo, Qualcomm, ROHM, Skyworks

Solutions, Synaptics. (3) Datacenter: Cavium, Inphi, Macom, Mellanox.(4) Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, Microsemi, Monolithic Power Systems, NXP,

ON Semiconductor, Power Integrations, Semtech, Silicon Laboratories, STMicroelectronics, Texas Instruments, Xilinx.

Industry Stock Market Performance

Last Twelve Months Last Three Years

Indexed Performance Over Time

Sector 3 Months 1 Year 3 Years

Automotive 8.7% 52.8% 111.9%

Consumer 17.4% 30.9% 40.6%

Datacenter 13.4% 17.4% 43.2%

Diversified 9.7% 37.7% 93.1%

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

(50%)

(30%)

(10%)

10%

30%

50%

70%

90%

110%

130%

Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

5555

MARKET SUMMARYMultiples and Margins by

Notes: Source: Capital IQ.Sub-Sector details:

• Automotive: Elmos, Infineon, Melexis NV, Renesas, u-blox Holding.• Consumer: Advanced Micro Devices, Ambarella, ams AG, Cirrus Logic, Dialog, Diodes, Intel, Knowles, Marvell, MaxLinear, Nordic, NVIDIA, Qorvo, Qualcomm, ROHM,

Skyworks Solutions, Synaptics. • Datacenter: Cavium, Inphi, Macom, Mellanox.• Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, Microsemi, Monolithic Power

Systems, NXP, ON Semiconductor, Power Integrations, Semtech, Silicon Laboratories, STMicroelectronics, Texas Instruments, Xilinx. (1) Calculations for revenue and EBITDA multiples exclude the following companies due to pending transactions: Qualcomm, Cavium, NXPValues presented are the medians for their respective sub-sector.

CY 2017E EV / Revenue (1) CY 2017E EV / EBITDA (1)

CY 2017E Revenue Growth LTM Gross Margin (%)

5.1x

3.8x 3.2x 3.2x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Diversified Datacenter Consumer Automotive

14.6x 13.7x 13.5x

10.2x

0.0x

6.0x

12.0x

18.0x

Datacenter Diversified Automotive Consumer

25.5% 24.0%

11.6% 11.2%

0.0%

10.0%

20.0%

30.0%

Automotive Datacenter Consumer Diversified

59.3% 57.1%

46.9% 45.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Diversified Datacenter Consumer Automotive

6666

MARKET SUMMARY

Notes: Source: Capital IQ and Capital IQ estimates.Multiples <0 or >50 considered NM.Multiple calculations exclude the following companies due to pending transactions: Qualcomm, Cavium, NXP.

Semiconductor Trading Statistics($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics

Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin

12/31/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E LTM CY 17E

Automotive

Infineon Technologies AG $27.42 $30,990 ($604) $30,386 3.5x 3.2x 13.5x 11.8x 26.2x 21.6x 25.5% 9.3% 37.2% NA

Renesas Electronics Corporation $11.66 19,435 794 20,229 3.0 2.8 12.9 10.8 29.8 24.9 70.8% 6.3% 45.2% 44.8%

Melexis NV $101.31 4,058 (73) 3,985 6.5 6.0 20.8 19.0 30.5 28.3 28.1% 8.5% 46.0% 45.9%

u-blox Holding AG $196.81 1,367 (52) 1,315 3.2 2.8 14.8 12.7 31.0 25.9 15.8% 14.8% 45.9% 46.5%

ELMOS Semiconductor AG $27.71 545 3 548 1.8 1.7 7.8 7.2 21.0 18.3 24.9% 6.3% 43.5% 43.2%

Mean 3.6x 3.3x 14.0x 12.3x 27.7x 23.8x 33.0% 9.0% 43.6% 45.1%

Median 3.2 2.8 13.5 11.8 29.8 24.9 25.5% 8.5% 45.2% 45.3%

($MM, Except Per Share Data)




Consumer

Intel Corporation $46.16 $216,029 $12,811 $228,840 3.7x 3.6x 8.9x 8.5x 17.2x 14.2x 5.4% 2.9% 62.3% 63.3%

NVIDIA Corporation $193.50 117,261 (4,306) 112,955 11.9 10.3 34.8 29.9 42.9 37.7 37.7% 15.1% 59.4% 59.5%

Skyworks Solutions, Inc. $94.95 17,446 (1,682) 15,765 4.2 3.8 9.5 8.5 14.1 12.8 16.0% 9.4% 50.5% NA

Advanced Micro Devices, Inc. $10.28 9,918 210 10,128 1.9 1.7 25.8 16.6 NM 28.7 23.8% 12.9% 34.2% 34.3%

ROHM Co., Ltd. $110.80 11,720 (2,745) 8,975 2.6 2.4 10.9 9.5 36.8 26.9 18.8% 8.2% 35.7% NA

Qorvo, Inc. $66.60 8,468 247 8,715 3.0 2.6 9.3 7.3 13.8 10.4 (1.6%) 14.5% 38.2% NA

Marvell Technology Group Ltd. $21.47 10,546 (1,732) 8,814 3.7 3.5 12.6 11.7 18.1 16.4 0.9% 3.4% 60.0% 61.1%

QUALCOMM Incorporated $64.02 94,793 (12,557) 82,236 3.5 3.6 10.0 9.0 16.0 17.4 (2.8%) (0.9%) 57.3% NA

ams AG $90.76 7,662 1,040 8,702 6.9 4.7 33.9 14.9 44.2 20.0 117.9% 46.0% 38.5% 40.5%

Cirrus Logic, Inc. $51.86 3,302 (239) 3,062 1.9 1.8 6.4 6.4 10.8 11.1 13.4% 5.7% 49.6% NA

Dialog Semiconductor Plc $31.16 2,288 (634) 1,655 1.2 1.0 5.6 4.4 15.0 11.1 11.6% 18.9% 46.1% 46.5%

7777

MARKET SUMMARY


Semiconductor Trading Statistics (cont’d)($MM, Except Per Share Data)




Consumer

Ambarella, Inc. $58.75 $1,957 ($414) $1,543 5.2x 5.1x 18.5x 25.6x 29.6x 37.6x (4.4%) 2.3% 64.3% 63.5%

MaxLinear, Inc. $26.42 1,769 276 2,045 4.9 4.0 15.6 12.4 18.2 14.6 8.5% 21.2% 49.5% 62.7%

Diodes Incorporated $28.67 1,416 61 1,477 1.4 1.3 7.8 6.5 21.5 16.7 12.3% 6.2% 34.1% 33.8%

Knowles Corporation $14.66 1,312 81 1,393 1.7 1.7 8.6 8.1 17.3 14.6 (2.8%) (0.0%) 40.1% 38.8%

Synaptics Incorporated $39.94 1,359 290 1,649 1.0 1.0 7.3 6.7 8.7 8.4 10.0% 0.7% 30.5% NA

Nordic Semiconductor ASA $5.13 828 (6) 822 3.5 3.0 30.8 18.2 46.7 34.8 22.6% 18.6% 46.9% 47.2%

Mean 3.7x 3.2x 15.4x 12.2x 23.7x 19.7x 16.9% 10.9% 46.9% 50.1%

Median 3.2 2.8 10.2 9.0 18.1 15.5 11.6% 8.2% 46.9% 47.2%





Datacenter

MACOM Technology Solutions Holdings, Inc. $32.54 2,091 491 2,582 3.8 3.6 13.7 14.2 17.2 16.0 17.1% 5.2% 52.2% NA

Mellanox Technologies, Ltd. $64.70 3,295 (201) 3,094 3.6 3.2 28.2 11.2 30.5 22.6 0.1% 12.7% 65.2% 70.6%

Cavium, Inc. $83.83 5,797 503 6,300 6.4 5.7 16.5 14.7 29.6 23.6 63.5% 12.4% 51.9% 63.8%

Inphi Corporation $36.60 1,557 16 1,573 4.5 3.9 14.6 11.5 24.3 18.2 30.8% 16.5% 62.1% 69.4%

Mean 4.0x 3.6x 18.8x 12.3x 24.0x 18.9x 27.9% 11.7% 57.8% 67.9%

Median 3.8 3.6 14.6 11.5 24.3 18.2 24.0% 12.5% 57.1% 69.4%

8888

MARKET SUMMARYSemiconductor Trading Statistics (cont’d)






Diversified

Broadcom Limited $256.90 $105,165 $6,344 $111,509 5.9x 5.3x 8.3x 7.5x 14.8x 13.2x 20.7% 11.4% 62.6% NA

Texas Instruments Incorporated $104.44 102,932 (392) 102,540 6.9 6.6 14.7 14.0 23.0 22.4 12.4% 4.2% 64.3% 64.0%

Analog Devices, Inc. $89.03 32,820 6,803 39,623 6.9 6.8 13.8 15.6 17.7 17.1 61.8% 2.9% 67.0% NA

Microchip Technology Incorporated $87.88 20,556 1,940 22,496 5.8 5.4 13.1 12.5 16.8 15.3 23.7% 6.4% 60.1% NA

Xilinx, Inc. $67.42 16,919 (1,800) 15,120 6.1 5.8 19.4 17.8 27.2 24.2 7.3% 5.7% 69.9% NA

STMicroelectronics N.V. $21.86 19,298 (489) 18,809 2.3 2.1 11.4 9.2 23.8 18.5 18.2% 10.5% 39.2% 39.0%

Maxim Integrated Products, Inc. $52.28 14,716 (1,334) 13,382 5.6 5.5 13.6 13.6 21.5 20.3 7.0% 3.0% 65.0% NA

ON Semiconductor Corporation $20.94 8,882 2,003 10,885 2.0 2.0 8.7 8.1 14.7 12.6 39.7% 3.0% 35.9% 36.8%

Microsemi Corporation $51.65 6,069 1,744 7,813 4.3 4.0 12.2 11.3 12.9 11.8 4.3% 5.1% 63.8% NA

Monolithic Power Systems, Inc. $112.36 4,665 (299) 4,366 9.3 7.9 35.2 27.1 38.7 30.9 20.4% 17.6% 54.8% 55.6%

NXP Semiconductors N.V. $117.09 39,697 3,018 42,715 4.7 4.4 13.6 12.3 17.9 16.1 (3.8%) 5.2% 49.9% 53.0%

Integrated Device Technology, Inc. $29.73 3,949 92 4,042 5.1 4.5 17.3 13.6 20.7 16.6 6.8% 13.8% 58.4% NA

Silicon Laboratories Inc. $88.30 3,759 (422) 3,336 4.4 4.0 19.6 17.8 27.7 25.1 10.4% 8.4% 59.1% 59.0%

Semtech Corporation $34.20 2,269 (61) 2,208 3.7 3.4 12.1 10.8 18.3 15.8 10.3% 6.8% 59.6% 61.2%

Power Integrations, Inc. $73.55 2,186 (283) 1,903 4.4 3.9 20.8 17.5 26.0 21.9 11.9% 11.0% 49.5% 50.7%

Lattice Semiconductor Corporation $5.78 713 189 902 2.3 2.2 NA NA NM 31.5 (11.6%) 8.9% 56.1% 56.8%

Mean 5.0x 4.6x 15.7x 14.0x 21.7x 19.8x 15.0% 7.8% 57.2% 52.9%

Median 5.1NM 4.5 13.7 13.6 21.1 18.5 11.2% 6.6% 59.3% 55.6%

Overall:

Mean 4.2x 3.8x 15.6x 12.9x 23.5x 20.2x 19.1% 9.6% 51.5% 52.3%

Median 3.7 3.6 13.6 11.8 21.5 18.3 12.9% 8.3% 51.2% 49.5%

9999

RECENT ACQUISITIONSSelect Semiconductor Transactions

Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced during 2017 with transaction values greater than or equal to $20MM.(1) A special purpose acquisition company formed and controlled by Bain Capital-led consortium. Members of the consortium include: Bain Capital, SK Hynix, Toshiba, Hoya

Corp, Apple, Kingston Technology, Seagate Technology and Dell Technologies.

12/25/2017 Gemtek Technology Co Ltd AMPAK Technology Inc.Semiconductors

/ WiFi semiconductor

components

$32 NA NA Provides wireless semiconductor components, multimedia products and

optical communications hardware for the optoelectronics industry.

12/18/2017Shanghai Pudong Science and Technology Investment Co.Semiconductor Technologies & Instruments GroupSemiconductors

/ Semiconductor Equipment$74 NA NA Designs, develops, and manufactures semiconductor equipment.

12/03/2017 TTM Technologies Inc. Anaren Inc. Semiconductors

/ Microwave components

designer & manufacturer

$775 3.5x NA

Designs and manufactures microwave component assemblies and

subsystems for wireless communications, satellite communications and

military systems manufacturers.

11/20/2017 Marvell Technology Cavium, Inc. Semiconductors

/ Processors$6,843 7.0x 6.2x

Designs, develops, and markets semiconductor processors for intelligent and

secure networks in the United States and internationally.

11/10/2017 East Group Co., Ltd.Ningbo Jiangbei Yize New Energy

Technology Co.Semiconductors

/ Photovoltaic Cells$437 NA NA

Develops and manufactures photovoltaic cells used in solar powered

equipment.

11/06/2017 Broadcom Limited QUALCOMM Incorporated Semiconductor $147,105 5.0x 5.1x Designs, develops, manufactures, and markets digital communication

products worldwide.

10/27/2017 The Carlyle Group L.P. AMCC

Germany, Japan, Vietnam

Semiconductors

/ Silicon Based Computing$37 NA NA

Develops silicon based computing and connectivity solutions for data

centers.

10/26/2017 Microsemi CorporationVectron International

Timing Business Assets

Semiconductors

/ Frequency Control &

Generation Products

$130 NA NA The timing business assets of Vectron International, which provides network

timing, reference distribution and input reference modules to businesses.

10/05/2017 Dialog Semiconductor Plc Silego Technology, Inc.Semiconductors

/ Integrated Circuit$306 NA NA

Designs, manufactures, and sells power, logic, and timing mixed signal

integrated circuit (IC) products.

09/28/2017 K.K. Pangea (1)

Toshiba Memory Corp

Semiconductors

/ Memory$17,867 NA NA

Provides flash memory semiconductors for smartphone OEMs and makers of

other digital devices.

($MM)

Announced Transaction EV / Revenue

Date Acquirer Target Target Sector Value LTM NTM Target Description

10101010

RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)

Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced during 2017 with transaction values greater than or equal to $20MM.

09/22/2017Semiconductors / Design &

IP804 4.1x 4.0x

Provides and licenses semiconductor system-on-chip (SoC) intellectual

property for use in audio, video and graphics applications for computer and

electronics manufacturers globally.


IP65 NA NA

Provides embedded semiconductor IP cores and EDA software for

semiconductor and electronics manufacturers globally.

08/28/2017Semiconductors / Electronic

Components &

Subassemblies

750 2.2x 2.0x

Designs and manufactures power semiconductors, including transistors,

rectifiers, and power modules, which convert and control electric power in

electronic devices.

08/08/2017

( fabrication facility)

Semiconductors / Foundry,

Manufacturing & Assembly80 NA NA

KAIAM Corporation Newton Aycliffe, UK-based 300,000 sq ft wafer

fabrication facility with a 100,000 sq ft clean room, which manufactures

GaAs, SiC, and InP-based devices used in 3D sensing and 5G wireless.

07/10/2017 U.S. Sensor CorporationSemiconductors / Detectors,

Sensors and MEMS24 NA NA

Manufactures sensor-based thermistors and resistance temperature

detectors (RTD) for the home automation, healthcare, consumer goods,

military and defense, electronics and food processing industries.

07/07/2017Semiconductors / Detectors,

Sensors and MEMS235 0.8x NA

Provides microelectromechanical (MEMS) and sonar ruggedized systems and

sensors for the biotechnology, manufacturing and military industries.

06/29/2017 Semiconductors / FPGAs 28 NA NA Manufactures audiovisual (AV) FPGA chipsets for AV equipment providers.


IP343 NA NA

Designs system on chip (SoC) semiconductors for use in digital imaging and

audio systems, video surveillance equipment and embedded modems for

computer and electronics manufacturers globally.

06/12/2017

(Multimedia Solutions Business)

Semiconductors / Design &

IP95 1.0x NA

The Multimedia Solutions Business of Marvell Technology Group which

provides media processors for use in video and audio equipment and smart

homes for consumers and businesses.

05/29/2017Zhejiang Wansheng

Co Ltd

Jiangxin Zhiben Shanghai

Technology

Semiconductors /

Foundry,

Manufacturing &

Assembly

546 NA NA Manufactures electronic transmitters, controllers, display converters and

chips for businesses.

($MM)



11111111



05/18/2017

Semiconductors /

Electronic Components &

Subassemblies

32 1.1x 1.5x Manufactures video processing semiconductors for Blu-ray machines, set top

boxes and other video delivery and streaming devices.

05/02/2017

(Microwave Telecomm. Business)

Semiconductors /

Electronic Components &

Subassemblies

110 1.1x NA Provides electronic components, sub-assemblies, antennas and test systems

to companies that build wireless infrastructure.

04/26/2017

Semiconductors /

Foundry, Manufacturing &

Assembly

1,833 1.2x 1.0x Provides semiconductor manufacturing as well as video security, surveillance

and production systems for businesses globally.

04/25/2017

(Microelectronics Filtration Business)

Semiconductors /


Assembly

20 NA NA The microelectronics filtration product line is used to eliminate contaminants

in the manufacturing of semiconductors, microelectronics and disk drives.

04/03/2017Semiconductors /

Microwave Devices41 3.2x NA

Designs and manufactures high-value radio frequency, microwave and

millimeter wave sub-assemblies and components for the military, aerospace

and space sectors.

03/29/2017

Semiconductors /


Assembly

456 2.9x 3.7x

Designs and manufactures analog and mixed-signal semiconductors for use

in storage networking, power management and network security

applications.


Photonics$75 7.5x NA

Designs and manufactures vertical cavity surface-emitting diode lasers for

use in 3D depth cameras, LiDARs, IR illumination, and pumping of solid state

lasers.

03/13/2017Semiconductors / System-

on-Chip15,004 41.9x 30.1x

Manufactures the EyeQ platform which uses cameras, sensors and computer

vision systems to enable autonomous driving and driver assistance focused

on anti-collision.


Photonics150 NA NA

Manufactures quantum cascade lasers for use in molecular detection and

imaging systems.


Photonics210 3.6x 3.1x

Designs and manufactures semiconductor integrated circuits and related

software for networking, video encoding and compression.

($MM)



12121212



02/08/2017

(G.hn Assets)


IP21 NA NA

The G.hn assets of Marvell designs networking transceiver chipsets for use in

in-home networking and high bandwidth broadband internet access.


Fabrication Equipment557 2.9x 2.6x

Provides semiconductor and electronic component lithography, laser-

processing, wafer processing, atomic layer deposition and packaging systems

for semiconductor manufacturers globally.

01/23/2017 Semiconductors / General 527 NA NA Manufactures semiconductors and components for OEMs in South Korea

and globally.

01/03/2017

(Surveillance Business)


IP22 NA NA

Faraday Technology's surveillance business designs ASIC and SoC

semiconductors for DVRs and IP cameras.

Mean 5.6x 5.9x

Median 3.1x 3.4x

($MM)



13131313

GCA OVERVIEWSemiconductor Team

*Aki Watanabe is a Managing Director, Akikazu Ida is a Managing Director and Shohei Taniguchi is a Director at GCA Corporation.**Tobias Schultheiss, Sascha Pfieffer and Alex Grunwald are Managing Directors at GCA Altium AG, a wholly owned subsidiary of GCA Corporation.

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

Phone: +81 (3) 6212-7100

San FranciscoOne Maritime Plaza, 25th Fl.

San Francisco, CA 94111United States

Phone: (415) 318-3600

FrankfurtThurn-und-Taxis-Platz 6

60313 FrankfurtGermany

Phone: +49 69 204 34 6410

ZurichDufourstrasse 60

8702 ZollikonSwitzerland

Phone: +41 (0) 43 499 43 43

Kamal Ahmed Clark Callander Geoff Baldwin Alex Vitale Kevin WalshManaging Director and Co-Head of Investment Banking Co-President & CEO Managing Director Managing Director

Head of Semiconductor Investment Banking

Phone: (415) 318-3622 Phone: (415) 318-3680 Phone: (415) 318-3640 Phone: (415) 318-3618 Phone: (415) 318-3629

Mobile: (650) 213-2139 Mobile: (415) 515-2468 Mobile: (415) 867-9366 Mobile: (650) 799-7674 Mobile: (415) 816-1394

[email protected] [email protected] [email protected] [email protected] [email protected]

Shingo Yatsui Arthur Stein Aki Watanabe* Akikazu "Kaz" Ida* Shohei Taniguchi*Director Vice President Managing Director Managing Director Director

Phone: (415) 318-3642 Phone: (415) 318-3662 Phone: +81 (3) 6212-7102 Phone: +81 (3) 6212-7241 Phone: +81 (3)-6212-7236

Mobile: (650) 906-8665 Mobile: (415) 515-0820 Mobile: +81 (80)-3453-4181 Mobile: +81 (80) 9027-3023 Mobile: +81 (80)-9027-3010

[email protected] [email protected] [email protected] [email protected] [email protected]

Tobias Schultheiss** Sascha Pfieffer** Alex Grunwald**Managing Director Managing Director Managing Director

Phone: +49 69 20 434 6416 Phone: +49 69 20 434 6415 Phone: +41 43 499 43 47

Mobile: +49 160 534 6278 Mobile: +49 177 741 5643 Mobile: +41 79 620 00 93

[email protected] [email protected] [email protected]

14141414

GCA OVERVIEWDeep Semiconductor Sector Expertise

$70MM

We advised the Buyer

Acquisition ofSale of Mass Flow

Controller and Related Product Lines to


$44MM

Sale of Semiconductors Encapsulating Materials

Business to

We advised the Seller

Undisclosed

Divestiture ofInstrumentation

Division to


Undisclosed


Acquisition of

$1.1 Bn

Joint Venture Agreement with

We advised DNP

$1.1Bn

Acquisition of


$66MM

Acquired by


$63MM

Acquisition of


$850MM


Sale of Certain Assets of

DigitalOptics Micro-Optics Business to

$15MM

Divesture ofCleanroom Integrated

Solutions Business


Undisclosed

Acquired by


Undisclosed

We advised SuVolta

Strategic Investment &

License by

Undisclosed

StrategicInvestment by

We advised IMI

$8MM


Semiconductor Business

Acquisition of

$140MM

Acquisition of


$400MM

Sale of IP Assets to


$65MM

Acquired by


Undisclosed


Sale of

to

Undisclosed

Acquisition of


Undisclosed


Acquired by

Undisclosed

Preferred Stock

We advised the Issuer

Undisclosed

Sale of Communication Devices Business

to

We advised the SellerUndisclosed

Acquisition of SiliconValley Tech Center from

We advised the Buyer$53MM

Acquired by


Undisclosed

Acquired by


Undisclosed

Acquired by


Undisclosed

Diode & LED Business


Undisclosed

Acquisition of Industrial

& Consumer Laser

Sale of IPPortfolio to


Undisclosed

Acquisition of

A wholly-owned subsidiary of

Zhuhai, China facility of

We advised the BuyerUndisclosed

Sale of Semiconductor Automatic Test

Equipment Assets to


$20MM


Sale of Extended Factory Business to

Undisclosed

Participation in IP License Sale by

We advised RPX

$525MM

Acquisition of Back-End Production

Facilities from

UndisclosedWe advised the Buyer

Acquired by


Undisclosed

We Advised the Buyer

Acquisition of Timing Solutions Business

from

$35MM

http://j-devices.co.jp/index.html

http://am.renesas.com/index.jsp

GCA Semiconductor Sector Report Q4 2017 - A Premier Global ...€¦ · Apple, Kingston Technology,...

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