onsemi and GT Advanced Technologies (GTAT), a producer of silicon carbide (SiC), announced that they have entered into a definitive agreement under which onsemi will acquire GTAT for $415 million in cash.
The transaction is expected to better position onsemi to secure and grow supply of SiC and meet rapidly growing customer demand for SiC-based solutions in the sustainable ecosystem, including EVs, EV charging and energy infrastructure.
onsemi plans to invest in expanding GTAT’s research and development efforts to advance 150mm and 200mm SiC crystal growth technology, while also investing in the broader SiC supply chain, including Fab capacity and packaging.
The transaction is expected to close in the first half of 2022. Completion of the transaction is subject to regulatory approvals and other customary closing conditions.