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Indie Semiconductor to Buy GEO of San Jose

Aliso Viejo firm sees 129% top-line growth for 2022

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

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
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