PORTLAND (AP) — Arizona-based ON Semiconductor Corp. is buying Fairchild Semiconductor for about $2.3 billion in cash to expand its products in the automotive, industrial and smartphone industries.
ON Semiconductor said Wednesday it’s offering $20 for each share of Fairchild.
The combined company will have about $5 billion of annual revenue when the deal closes in the second quarter of 2016. ON Semiconductor said it expects the combined company to save it $150 million in costs within 18 months.
Fairchild has 650 workers in Maine, where it was based until 2011.
Fairchild’s founders included Robert Noyce, one of the inventors of the microchip who went on to help found Intel. His ex-wife, Elizabeth Noyce, gave millions to Maine charities and created the Libra Foundation before her death.
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