Indie Semiconductor of Aliso Viejo said it has entered into a definitive agreement to purchase San Jose-based GEO Semiconductor Inc., which specializes in video processors for automotive cameras.
Indie, led by founder and CEO Donald McClymont, is expected to pay $180 million in the aggregate to GEO equity and debt holders at closing, comprised of $90 million in cash plus approximately 12 million Indie Class A common shares. In addition, if certain performance targets are exceeded over an 18-month post-closing period, there is an opportunity for the holders to earn up to $90 million more in equity.
Indie today also reaffirmed its fourth-quarter guidance, saying “we expect to post 2022 top line growth of 129% versus 2021.”
Full results will be released on Feb. 16.
For further details see the Feb. 27 print edition of the Business Journal
