Www.ibef.org Indian Semiconductor Sector December 2007 Source: IBEF Semiconductor Report.
GCA Semiconductor Sector Report · SEMICONDUCTOR SECTOR REPORT Q4 2018. 2 DEAL DASHBOARD Notes:...
Transcript of GCA Semiconductor Sector Report · SEMICONDUCTOR SECTOR REPORT Q4 2018. 2 DEAL DASHBOARD Notes:...
SEMICONDUCTORSECTOR REPORT
Q4 2018
2222
DEAL DASHBOARD
Notes:Source: Capital IQ and 451 Group. Q4 financial information as of 12/31/2018.(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.
Semiconductor
$5.8 Billion
Q4 2018 M&A Volume (1)
Quarterly M&A Volume ($MM) (1) Quarterly M&A Deal Count (1) Top M&A Transactions - Since 2017
Acquirer Target Transaction Value ($MM)
K.K. Pangea (2)
Flash Memory$17,867
$15,004
$10,312
$7,293
$6,843
$3,200
LTM Semiconductor Performance vs. SPX (3) Median M&A EV / NTM Revenue Over Time (1)
3
89 9
6
8
10
67
10
0
5
10
15
Q4' 16 Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 Q2' 18 Q3' 18 Q4' 18
Chinese Buyer and Seller
1.3x
1.9x
2.3x 2.2x
2.8x 3.1x
3.3x
0.0x
2.0x
4.0x
2012 2013 2014 2015 2016 2017 2018
(8%)
(6%)
^SOX ^SPX
$59,211
$17,021
$3,047
$19,590
$8,634
$15,646
$2,782
$8,629 $5,761
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
Q4' 16 Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 Q2' 18 Q3' 18 Q4' 18
(20%)
(10%)
0%
10%
20%
30%
40%
50%
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
3333
PERSPECTIVES ON CONSOLIDATIONSemiconductor Industry Increasing Rate of Consolidation
Public Companies(1):
130
Public Companies(1):
121
Public Companies(1):
103
Public Companies(1):
72(7%) (15%) (30%)
10+ Years Ago
7 Years Ago
5 Years Ago
Today
$8BN $4.9BN
$3.6BN $3.6BN
$3.5BN
$18BN
Sponsors
$4.2BN
Notable Acquisitions Notable Acquisitions Notable Acquisitions
Notes: 10+, 7 and 5 years ago time periods represent data as of 1/1/2006, 1/1/2011 and 1/1/2013, respectively. “Today” represents data as of 12/31/2018. 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.
$37BN$48BN $31.5BN
$17.3BN$18.2BN $17.9BN
K.K. Pangea
$15.7BN $15.4BN $10.2BN
4444
MARKET SUMMARY
Automotive(1) Consumer(2)
Datacenter(3) Diversified(4)
Notes:(1) Automotive: Elmos, Infineon, Melexis NV, Renesas Electronics, 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: Inphi, Macom, Mellanox.(4) Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, 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
(50%)
(40%)
(30%)
(20%)
(10%)
0%
10%
20%
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
(20%)
0%
20%
40%
60%
80%
100%
120%
Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18
Indexed Performance Over Time
Sector 3 Months 1 Year 3 Years
Automotive (18.0%) (40.9%) 9.5%
Consumer (23.6%) (11.3%) 45.2%
Datacenter 5.1% 0.9% 22.2%
Diversified (6.4%) (8.5%) 61.2%
5555
4.8x
4.2x
2.5x
1.9x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
Diversified Datacenter Consumer Automotive
14.1x
12.7x
7.9x 7.8x
0.0x
3.0x
6.0x
9.0x
12.0x
15.0x
Datacenter Diversified Consumer Automotive
10.1%
7.3%
3.2%
(12.5%)(15.0%)
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
Diversified Consumer Automotive Datacenter
60.3% 59.8%
49.0% 46.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Datacenter Diversified Consumer Automotive
MARKET SUMMARYMultiples and Margins by Sub-Sector
Notes:Source: Capital IQ.Sub-Sector details:
• Automotive: Elmos, Infineon, Melexis NV, Renesas Electronics, 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: Inphi, Macom, Mellanox.• Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, Monolithic Power Systems, NXP,
ON Semiconductor, Power Integrations, Semtech, Silicon Laboratories, STMicroelectronics, Texas Instruments, Xilinx. (1) Calculations exclude the following companies due to pending transactions: Integrated Device Technology, Renesas Electronics. Values presented are the medians for
their respective sub-sector.
CY 2018E EV / Revenue(1) CY 2018E EV / EBITDA(1)
CY 2018E Revenue Growth LTM Gross Margin (%)
6666
MARKET SUMMARY
Notes: Source: Capital IQ and Capital IQ estimates.Multiples <0 or >50 considered NM.Multiple calculations exclude Renesas Electronics due to its pending acquisition of Integrated Device Technology.
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
12/31/2018 Value Debt Value CY 17A CY 18E CY 17A CY 18E CY 17A CY 18E 18E/17A 19E/18E LTM CY18E
Automotive
Infineon Technologies AG $19.88 $22,487 ($1,175) $21,312 2.5x 2.4x 9.6x 7.9x 22.7x 16.9x 3.2% 9.1% 38.0% NA
Renesas Electronics Corporation $4.56 7,603 387 7,990 1.2 1.1 5.2 4.6 11.1 14.3 0.4% 5.0% 46.3% 44.2%
Melexis NV $58.28 2,334 (25) 2,309 3.8 3.6 12.2 11.5 17.7 17.7 5.8% 6.8% 46.1% 45.9%
u-blox Holding AG $80.24 569 (1) 568 1.4 1.4 7.0 7.7 10.7 14.0 (0.7%) 11.9% 46.5% 45.4%
Elmos Semiconductor AG $22.17 436 (9) 427 1.4 1.4 6.1 5.2 14.8 11.8 4.9% 6.8% 44.7% 44.4%
Mean 2.3x 2.2x 8.7x 8.1x 16.4x 15.1x 2.7% 7.9% 44.3% 45.0%
Median 1.9 1.9 8.3 7.8 16.2 15.5 3.2% 6.8% 46.1% 44.9%
Consumer
Intel Corporation $46.93 $214,189 $14,688 $228,877 3.6x 3.2x 8.6x 7.1x 23.6x 10.3x 13.5% 3.0% 62.6% 63.2%
NVIDIA Corporation $133.50 81,435 (5,601) 75,834 7.8 6.2 22.2 16.3 27.7 18.2 25.7% 7.6% 62.5% 62.9%
QUALCOMM Incorporated $56.91 68,984 4,282 73,266 3.3 3.5 11.9 12.1 NM 16.1 (5.6%) 2.3% 56.9% NA
Advanced Micro Devices, Inc. $18.46 18,449 247 18,696 3.5 2.9 NM 23.9 NM 40.3 22.1% 7.3% 37.1% 38.4%
Marvell Technology Group Ltd. $16.19 10,643 1,195 11,839 4.9 4.0 19.5 11.7 19.0 12.9 21.7% 16.0% 59.8% 62.9%
Skyworks Solutions, Inc. $67.02 11,898 (1,027) 10,871 2.9 2.8 6.9 6.4 15.2 9.4 1.0% 4.5% 50.4% NA
Qorvo, Inc. $60.73 7,585 177 7,763 2.6 2.5 9.3 7.9 NM 11.1 3.8% 7.3% 38.2% NA
ROHM Co., Ltd. $64.17 6,787 (2,621) 4,166 1.2 1.1 4.9 4.3 21.4 15.8 7.3% 3.6% 37.1% NA
ams AG $23.94 1,958 1,604 3,563 2.8 2.1 13.7 11.3 19.7 11.1 30.7% 23.5% 31.1% 28.8%
Cirrus Logic, Inc. $33.18 1,986 (245) 1,741 1.1 1.4 4.7 5.9 11.9 12.5 (20.1%) 0.5% 49.6% NA
Diodes Incorporated $32.26 1,620 19 1,639 1.6 1.4 8.6 6.4 NM 14.0 15.0% 6.1% 36.3% 35.7%
Synaptics Incorporated $37.21 1,288 192 1,480 0.9 0.9 10.0 6.5 NM 8.2 (5.5%) 2.2% 30.1% NA
MaxLinear, Inc. $17.60 1,214 203 1,417 3.4 3.7 15.4 13.1 NM 16.3 (8.5%) 2.2% 54.7% 63.9%
Knowles Corporation $13.31 1,201 119 1,320 1.8 1.6 10.0 7.8 NM 13.6 11.3% 5.6% 39.4% 39.3%
Dialog Semiconductor Plc $25.81 1,905 (617) 1,289 1.0 0.9 5.2 4.4 11.7 13.3 7.2% (9.2%) 46.0% 47.5%
Ambarella, Inc. $34.98 1,121 (349) 773 2.6 3.4 29.5 31.3 NM NM (22.9%) 3.8% 61.8% 61.0%
Nordic Semiconductor ASA $3.33 584 (95) 489 2.1 1.8 28.5 15.8 NM NM 12.9% 15.0% 49.0% 49.6%
Mean 2.8x 2.6x 13.1x 11.3x 18.8x 14.9x 6.4% 6.0% 47.2% 50.3%
Median 2.6x 2.5x 10.0x 7.9x 19.4x 13.3x 7.3% 4.5% 49.0% 49.6%
7777
MARKET SUMMARYSemiconductor Trading Statistics (cont’d)
($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
12/31/2018 Value Debt Value CY 17A CY 18E CY 17A CY 18E CY 17A CY 18E 18E/17A 19E/18E LTM CY18E
Notes: Source: Capital IQ and Capital IQ estimates.Multiples <0 or >50 considered NM.Multiple calculations exclude Integrated Device Technology due to its pending acquisition by Renesas Electronics.
Datacenter
Mellanox Technologies, Ltd. $92.38 $4,944 ($345) $4,600 5.3x 4.2x 46.6x 13.7x NM 19.0x 25.5% 12.7% 64.0% 68.7%
Inphi Corporation $32.15 1,418 47 1,465 4.2 5.0 23.6 14.1 NM 38.8 (15.4%) 23.4% 60.3% 68.7%
MACOM Technology Solutions Holdings, Inc.$14.51 946 502 1,448 2.1 2.4 12.4 14.1 NM 23.4 (12.5%) 14.1% 46.6% NA
Mean 3.9x 3.9x 27.5x 14.0x NM 30.0x (0.8%) 16.7% 56.9% 68.7%
Median 4.2x 4.2x 23.6x 14.1x NM 23.4 (12.5%) 14.1% 60.3% 68.7%
Diversified
Broadcom Inc. $254.28 $103,561 $13,201 $116,762 6.2x 5.5x 14.2x 8.2x 13.8x 12.1x 13.6% 16.8% 66.3% NA
Texas Instruments Incorporated $94.50 90,771 (46) 90,725 6.1 5.7 13.2 11.9 26.2 16.6 5.7% (1.6%) 65.2% 65.0%
Analog Devices, Inc. $85.83 31,771 5,516 37,287 6.6 6.0 15.7 13.0 40.5 14.8 9.7% 2.1% 68.3% NA
Microchip Technology Incorporated $71.92 17,010 10,422 27,432 7.1 5.3 18.4 12.9 NM 11.3 32.2% 14.2% 55.0% NA
NXP Semiconductors N.V. $73.28 21,654 4,412 26,066 2.8 2.8 9.5 7.9 11.4 10.3 1.4% 2.6% 51.3% 52.9%
Xilinx, Inc. $85.17 21,552 (1,537) 20,015 8.1 7.0 25.4 20.2 44.9 26.5 16.3% 10.6% 70.1% NA
Maxim Integrated Products, Inc. $50.85 14,089 (1,072) 13,017 5.5 5.2 14.1 12.4 38.2 18.0 5.4% (1.7%) 66.2% NA
STMicroelectronics N.V. $14.29 12,841 (447) 12,394 1.5 1.3 7.3 5.8 NM 10.3 15.1% 4.5% 38.0% 39.9%
ON Semiconductor Corporation $16.51 6,950 1,764 8,713 1.6 1.5 7.2 6.4 8.7 8.7 6.1% 3.4% 38.0% 38.0%
Integrated Device Technology, Inc. $48.43 6,249 107 6,356 8.0 6.9 34.4 19.8 NM 26.4 16.3% 7.9% 60.7% NA
Monolithic Power Systems, Inc. $116.25 4,930 (348) 4,583 9.7 7.9 48.4 27.1 NM 31.1 23.8% 15.3% 55.4% 56.0%
Silicon Laboratories Inc. $78.81 3,401 (250) 3,150 4.1 3.6 24.9 15.5 NM 21.1 14.1% 6.9% 59.8% 60.8%
Semtech Corporation $45.87 3,019 (100) 2,919 5.0 4.5 22.5 13.9 NM 20.9 10.1% 7.2% 59.8% 61.6%
Power Integrations, Inc. $60.98 1,789 (248) 1,540 3.6 3.7 18.8 14.9 NM 22.9 (2.8%) 5.1% 51.2% 52.5%
Lattice Semiconductor Corporation $6.92 896 158 1,054 2.7 2.6 21.5 11.8 NM NM 3.1% (1.1%) 56.4% 57.3%
Mean 5.0x 4.5x 18.6x 13.0x 26.2x 17.3x 11.3% 6.1% 57.4% 53.8%
Median 5.2x 4.8x 17.0x 12.7x 26.2x 16.6x 10.1% 5.1% 59.8% 56.0%
Overall
Mean 3.6x 3.3x 15.9x 11.8x 21.0x 16.8x 7.3% 7.1% 51.4% 52.1%
Median 3.1x 3.0x 13.2x 11.8x 19.0x 14.8x 6.6% 6.4% 51.3% 52.7%
8888
RECENT ACQUISITIONSSelect Semiconductor Transactions
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.
($MM)
Announced Transaction EV / Revenue
Date Acquirer Target Value LTM NTM Target Description
12/06/2018 $49 1.2x NM Designs and develops multifunctional PMICs, WLED drivers, battery
management products, amps, level shifters and more.
11/14/2018Semiconductor System Level
Test Business
$215 NA NA Designs, manufactures and supplies test and measurement systems including
chassis, digital test instrments, analog stimulus instruments and more.
11/12/2018 $139 NA NA Develops cold split technology to process crystal material.
10/30/2018 $1,189 2.4x 3.3x Supplies laser-based microfabrication solutions.
10/30/2018 GTA Semiconductor Co., Ltd. $293 1.4x NA Manufactures wafer products and integrated circuit chips.
10/29/2018 $132 0.5x 0.5x Provides high temperature heat treatment and CVD equipment used in the
manufacture of semiconductors, AMOLED and solar cells.
10/25/2018 $2,655 NA NA Manufactures discrete, logic and PowerMOS semiconductors.
10/11/2018Beijing Unis Memory Technology
Co., Ltd.$32 0.6x NA
Designs and develops memory products including data rate dynamic random
access memory and SDRAM.
10/11/2018Chip Research and
Development Business
$300 NA NA Dialog Semiconductor patents, ~300 engineers and offices in Britain, Italy and
Germany.
10/10/2018Zhejiang Boland Semiconductor
Technology Co., Ltd.$95 2.3x NA Manufactures semiconductor equipment.
9999
RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.
($MM)
Announced Transaction EV / Revenue
Date Acquirer Target Value LTM NTM Target Description
09/12/2018 $451 1.5x 1.5x Engages in manufacturing semiconductor devices, and providing other related
services to electronics companies.
09/10/2018
Electronics Division
$184 0.1x NA Provider of electronics and semiconductor devices.
09/10/2018 $7,293 7.9x 7.3x Designs and develops a range of semiconductor solutions for the
communications, computing, consumer, automotive and industrial end-markets.
08/27/2018Semiconductor Cryogenics
Business
$675 NA NA
Manufactures, markets, sells, distributes and refurbishes semiconductor
cryogenic vacuum pumps, chillers, coolers, compressors, refrigeration systems
and spare parts.
08/09/2018 $197 2.3x NA Provides die bonder products for fabricating flash memory as used in
computers, smartphones, digital camera and portable music players.
08/06/2018 $425 NA NA
Designs, develops, manufactures, and sells audio/visual related products
including speakers, acoustic equipment, electronic equipment, in-vehicle
speakers, LED lighting equipment and more.
07/24/2018 $357 1.6x NA Provides outsourced process tool parts cleaning and engineering services.
06/12/2018Enphase Energy, Inc.
(NasdaqGM:ENPH)Microinverter Business
$60 NA NA Manufactures microinverter for residential solar product.
05/09/2018 $52 2.7x NA Manufactures and markets mixed-signal chips and radio frequency application
specific integrated circuits.
05/08/2018 $800 1.3x 1.3x
Provides test and handling capital equipment, interface products, and test
fixtures and related services to the semiconductor and electronics
manufacturing industries worldwide.
10101010
RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.(1) Per Synopsys’ 10Q filed on 2/23/2018, Synopsys paid $595.9M in aggregate for Kilopass Technology and Phoenix Software.
($MM)
Announced Transaction EV / Revenue
Date Acquirer Target Value LTM NTM Target Description
04/27/2018 $439 8.6x NA
Provides 3D metrology inspection and measurement machine software, as well
as related metrology hardware, upgrades, calibration, onsite support and
maintenance services, for electronics OEMs.
04/27/2018 Yoho Bravo Limited $76 2.3x NA Engages in the assembly, packaging, and sale of discrete semiconductors with a
primary focus on applications for smart consumer electronic devices.
03/19/2018 KLA-Tencor Corporation Orbotech Ltd. $3,200 3.6x NA Designs and manufactures automated optical inspection, repair, imaging and
computer aided manufacturing (CAM) systems for PCB and display OEMs.
03/07/2018Wonik QnC Corporation
(KOSDAQ:A074600)Nanowin Co., Ltd. $22 NA NA Manufactures semiconductor equipment and provides cleaning services.
03/06/2018 Cree, Inc.
Radio Frequency Power Business
$428 NA 3.7x
Manufactures transistors and monolithic microwave integrated circuits (MMICs)
for wireless infrastructure radio frequency power amplifiers based on both
LDMOS and gallium nitride on silicon carbide (GaN-on-SiC) technologies.
03/01/2018 Microchip Technology Microsemi $10,312 5.1x 5.0x Designs, manufactures, and markets analog and mixed-signal semiconductor
solutions.
02/08/2018 PhoeniX B.V. $596 NA NA
Provides micro and nano technology (MNT) software and SaaS systems for IC
developers. Software provides features for design, layout and simulation,
process automation, tracking and cleanroom booking and management.
02/07/2018
Wired Connectivity Unit
$28 NA NA Develops, markets, and sells chipsets for the home networking and MDU/MTU
broadband access markets.
01/30/2018 GigaDevice $269 NA NA Designs and develops interface circuit solutions for fingerprint and touch
technology applications.
01/10/2018 Kilopass Technology Inc. $596 NA NA Develops and manufactures embedded non-volatile memory for use in system-
on-chip (SoC) integrated circuits.
(1)
11111111
RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)
(1)
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.
($MM)
Announced Transaction EV / Revenue
Date Acquirer Target Value LTM NTM Target Description
01/04/2018 Nordson Sonoscan Inc. $44 NA NA
Provides acoustic microscopy systems, which are also known as acoustic micro
imaging (AMI) systems, for use in measuring physical defects in electronics
equipment.
01/03/2018 Ethertronics Inc. $150 1.7x NA
Designs and manufactures embedded antennas for wireless devices such as
phones, PDAs, laptops, WLANs, GPS receivers and Bluetooth, to electronics
OEMs.
12/25/2017 Gemtek Technology Co Ltd AMPAK Technology Inc. $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 Group$74 NA NA Designs, develops, and manufactures semiconductor equipment.
12/03/2017 TTM Technologies Inc. Anaren Inc. $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. $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.$437 NA NA
Develops and manufactures photovoltaic cells used in solar powered
equipment.
10/27/2017 The Carlyle Group L.P. AMCC
Germany, Japan, Vietnam
$37 NA NA Develops silicon based computing and connectivity solutions for data centers.
10/26/2017 Microsemi CorporationVectron International
Timing Business Assets
$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. $306 NA NA Designs, manufactures, and sells power, logic, and timing mixed signal
integrated circuit (IC) products.
12121212
RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.(1) A special purpose acquisition company formed and controlled by Bain Capital-led consortium. Members of the consortium include: Bain Capital, SK Hynix, Toshiba, Hoya
Corp, Apple, Kingston Technology, Seagate Technology and Dell Technologies.
($MM)
Announced Transaction EV / Revenue
Date Acquirer Target Value LTM NTM Target Description
09/28/2017 K.K. Pangea (1)
Toshiba Memory Corp
$17,867 NA NA Provides flash memory semiconductors for smartphone OEMs and makers of
other digital devices.
09/22/2017 804 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.
09/22/2017 65 NA NA Provides embedded semiconductor IP cores and EDA software for
semiconductor and electronics manufacturers globally.
08/28/2017 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)
80 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 Corporation 24 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.
06/29/2017 28 NA NA Manufactures audiovisual (AV) FPGA chipsets for AV equipment providers.
06/12/2017 343 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)
95 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
Technology546 NA NA
Manufactures electronic transmitters, controllers, display converters and chips
for businesses.
13131313
RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.
($MM)
Announced Transaction EV / Revenue
Date Acquirer Target Value LTM NTM Target Description
05/18/2017 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)
110 1.1x NA Provides electronic components, sub-assemblies, antennas and test systems to
companies that build wireless infrastructure.
04/26/2017 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)
20 NA NA The microelectronics filtration product line is used to eliminate contaminants in
the manufacturing of semiconductors, microelectronics and disk drives.
04/03/2017 41 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 456 2.9x 3.7x Designs and manufactures analog and mixed-signal semiconductors for use in
storage networking, power management and network security applications.
03/16/2017 $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.
03/13/2017 15,004 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.
03/07/2017 150 NA NA Manufactures quantum cascade lasers for use in molecular detection and
imaging systems.
02/13/2017 210 3.6x 3.1x Designs and manufactures semiconductor integrated circuits and related
software for networking, video encoding and compression.
14141414
RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.
($MM)
Announced Transaction EV / Revenue
Date Acquirer Target Value LTM NTM Target Description
02/08/2017
(G.hn Assets)
21 NA NA The G.hn assets of Marvell designs networking transceiver chipsets for use in in-
home networking and high bandwidth broadband internet access.
02/02/2017 557 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 527 NA NA Manufactures semiconductors and components for OEMs in South Korea and
globally.
01/03/2017
(Surveillance Business)
22 NA NA Faraday Technology's surveillance business designs ASIC and SoC
semiconductors for DVRs and IP cameras.
Mean 4.1x 4.8x
Median 2.3x 3.2x
15151515
Kamal Ahmed Clark Callander Geoff Baldwin Alex VitaleManaging Director and Managing Director Co-CEO Managing Director
Head of Semiconductor and
Internet of Things
Phone: (415) 318-3622 Phone: (415) 318-3680 Phone: (415) 318-3640 Phone: (415) 318-3618
Mobile: (650) 213-2139 Mobile: (415) 515-2468 Mobile: (415) 867-9366 Mobile: (650) 799-7674
[email protected] [email protected] [email protected] [email protected]
Kevin Walsh Aki Watanabe* Akikazu "Kaz" Ida* Shohei Taniguchi*Managing Director Managing Director Managing Director Director
Phone: (415) 318-3629 Phone: +81 (3) 6212-7102 Phone: +81 (3) 6212-7241 Phone: +81 (3)-6212-7236
Mobile: (415) 816-1394 Mobile: +81 (80)-3453-4181 Mobile: +81 (80) 9027-3023 Mobile: +81 (80)-9027-3010
[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]
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
16161616
GCA OVERVIEWDeep Semiconductor Sector Expertise
We advised the Buyer
Acquisition of
$1.1 Bn
Acquired by
We advised the Seller
$63MM
We advised the Seller
Sale of Certain Assets of
DigitalOptics Micro-Optics Business to
$15MM
Divesture ofCleanroom Integrated
Solutions Business
We advised the Seller
Undisclosed
Acquired by
We advised the Seller
Undisclosed
We advised SuVolta
Strategic Investment &
License by
Undisclosed
StrategicInvestment by
We advised IMI
$8MM
We advised the Buyer
Semiconductor Business
Acquisition of
$140MM
Acquisition of
We advised the Buyer
$400MM
Acquired by
We advised the Seller
Undisclosed
Sale of IP Assets to
We advised the Seller
$65MM
We advised the Seller
Sale of
to
Undisclosed
We advised the Seller
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
We advised the Seller
Undisclosed
Acquired by
We advised the Seller
Undisclosed
Acquired by
We advised the Seller
Undisclosed
Sale of IPPortfolio to
We advised the Seller
Undisclosed
Acquisition of
A wholly-owned subsidiary of
Zhuhai, China facility of
We advised the BuyerUndisclosed
Sale of Semiconductor Automatic Test
Equipment Assets to
We advised the Seller
$20MM
We advised the Seller
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
We advised the Seller
Undisclosed
Joint Venture Agreement with
We advised DNP
$1.1Bn
Acquired by
We advised the Seller
Undisclosed $70MM
We advised the Buyer
Acquisition ofSale of Mass Flow
Controller and Related Product Lines to
We advised the Buyer
$44MM
Sale of Semiconductors Encapsulating Materials
Business to
We advised the Seller
Undisclosed
Divestiture ofInstrumentation
Division to
We advised the Seller
Undisclosed
Acquisition of
We advised the Buyer
$66MM
Acquisition of
We advised the Buyer
$850MM
We advised the Seller
Undisclosed
Acquired by
We advised the Buyer
Acquisition of Semiconductor System Level Test Business from
$215MM