Q3 2017 Semiconductor Sector Summary October 2017
Q3 2017 Semiconductor SectorSummaryOctober 2017
2222
DEAL DASHBOARD
Notes:Source: Capital IQ and 451 Group. Q3 financial information as of 9/30/2017.(1) Criteria based on global semiconductor transactions announced during the first three quarters with transaction values greater than or equal to $20MM. (2) PHLX Semiconductor Sector Index (^SOX), used as a proxy for the semiconductor landscape. Top holdings in the ETF include NVDA, QCOM and TXN.(3) Criteria based on global public semiconductor transactions announced during the first three quarters with transaction values greater than or equal to $20MM.
Semiconductor
$20.0 Billion 9
Q3 2017 M&A Volume (1) Q3 2017 M&A Transactions (1)
Quarterly M&A Volume ($MM) (1) Quarterly M&A Deal Count (1) Top M&A Transactions - 2017 YTD
Acquirer Target EV ($MM)
K.K. Pangea $17,867
$15,004
$1,833
$804
$750
$557
LTM Semiconductor Performance vs. SPX (2) M&A EV / NTM Revenue Over Time (3)
(10%)
0%
10%
20%
30%
40%
50%
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17
1.7x
2.4x 2.4x 2.5x
4.5x
5.4x
0.0x
2.0x
4.0x
6.0x
8.0x
2012 2013 2014 2015 2016 2017 YTD
42.4%
17.1%
^SOX ^SPX
20
12
18
13
89
109
0
5
10
15
20
25
Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17 Q3' 17
$12,320
$6,494 $7,430
$51,522
$59,211
$17,021
$3,087
$20,002
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17 Q3'17
3333
GCA OVERVIEWSemiconductor Team
*Aki Watanabe is a Representative Director, Akikazu Ida is a Managing Director and Shohei Taniguchi is a Director at GCA Corporation.**Tobias Schultheiss and Sascha Pfieffer are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.***Alex Grunwald is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.
Kamal Ahmed Clark Callander Geoff Baldwin Alex Vitale Kevin WalshManaging Director Co-Head of Investment Banking Co-President & CEO Managing Director Managing Director
Phone: (415) 318-3622 Phone: (415) 318-3680 Phone: (415) 318-3640 Phone: (415) 318-3618 Phone: (415) 318-3629
Mobile: (650) 213-2139 Mobile: (415) 515-2468 Mobile: (415) 867-9366 Mobile: (650) 799-7674 Mobile: (415) 816-1394
[email protected] [email protected] [email protected] [email protected] [email protected]
Shingo Yatsui Arthur Stein Aki Watanabe* Akikazu "Kaz" Ida* Shohei Taniguchi*Director Vice President Representative Director Managing Director Director
Phone: (415) 318-3642 Phone: (415) 318-3662 Phone: +81 (3) 6212-7102 Phone: +81 (3) 6212-7241 Phone: +81 (3)-6212-7236
Mobile: (650) 906-8665 Mobile: (415) 515-0820 Mobile: +81 (80)-3453-4181 Mobile: +81 (80) 9027-3023 Mobile: +81 (80)-9027-3010
[email protected] [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]
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
4444
MARKET SUMMARY
Automotive(1) Consumer(2)
Datacenter(3) Diversified(4)
Notes:(1) Automotive: Elmos, Infineon, Melexis NV, Renesas, 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: Cavium, Inphi, Macom, Mellanox.(4) Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, Microsemi, 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
Indexed Performance Over Time
Sector 3 Months 1 Year 3 Years
Automotive 22.7% 50.1% 89.7%
Consumer 11.3% 17.9% 28.7%
Datacenter (2.1%) 11.1% 39.7%
Diversified 11.6% 33.7% 106.1%
(20%)
(10%)
0%
10%
20%
30%
40%
50%
60%
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17
(50%)
(30%)
(10%)
10%
30%
50%
70%
90%
110%
Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17
5555
4.7x 4.7x
3.1x 3.1x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
Datacenter Diversified Automotive Consumer
MARKET SUMMARYMultiples and Margins
Notes: Source: Capital IQ.Values presented are the medians for their respective sub-sector.
CY 2017E EV / Revenue CY 2017E EV / EBITDA
CY 2017E Revenue Growth LTM Gross Margin (%)
15.4x
13.5x 12.5x
9.6x
0.0x
6.0x
12.0x
18.0x
Datacenter Diversified Automotive Consumer
28.5%
23.6%
11.3% 11.1%
0.0%
10.0%
20.0%
30.0%
Datacenter Automotive Diversified Consumer
59.1% 58.8%
46.4% 43.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Diversified Datacenter Consumer Automotive
6666
MARKET SUMMARY
Notes: Source: Capital IQ and Capital IQ estimates.Multiples <0 or >50 considered NM.
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
9/30/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E LTM CY 17E
Automotive
Infineon Technologies AG $25.14 $28,402 ($408) $27,994 3.3x 3.2x 12.5x 11.4x 23.0x 20.7x 23.6% 3.6% 36.8% NA
Renesas Electronics Corporation $10.89 18,152 (1,690) 16,462 2.4 2.3 10.0 9.1 25.7 22.7 70.6% 4.9% 43.0% 45.5%
Melexis NV $96.68 3,872 (72) 3,801 6.3 5.8 19.9 18.1 29.5 27.2 26.9% 8.4% 46.1% 45.9%
u-blox Holding AG $197.21 1,368 (52) 1,316 3.1 2.7 15.1 12.5 30.0 25.1 17.1% 14.4% 45.9% 46.5%
ELMOS Semiconductor AG $25.90 509 11 520 1.8 1.7 7.8 7.1 20.7 18.5 23.0% 5.8% 43.1% 42.6%
Mean 3.4x 3.1x 13.1x 11.6x 25.8x 22.8x 32.2% 7.4% 43.0% 45.1%
Median 3.1 2.7 12.5 11.4 25.7 22.7 23.6% 5.8% 43.1% 45.7%
($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
9/30/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E LTM CY 17E
Consumer
Intel Corporation $38.08 $178,938 $6,056 $184,994 3.0x 2.9x 7.5x 7.0x 14.2x 12.3x 4.3% 2.8% 62.1% 63.0%
NVIDIA Corporation $178.77 107,262 (3,801) 103,461 11.6 10.3 35.4 30.6 44.3 39.4 29.9% 11.9% 59.3% 58.9%
QUALCOMM Incorporated $51.84 76,519 1,035 77,554 3.4 3.2 9.5 7.6 13.2 13.6 (3.5%) 4.3% 59.0% NA
Skyworks Solutions, Inc. $101.90 18,723 (1,444) 17,279 4.6 4.2 10.4 9.4 15.2 13.7 16.1% 8.8% 50.5% NA
Advanced Micro Devices, Inc. $12.75 12,071 573 12,644 2.5 2.2 35.3 22.8 NM 40.0 17.7% 13.1% 24.8% 33.8%
ROHM Co., Ltd. $85.61 9,055 (2,709) 6,346 1.9 1.8 8.0 6.8 30.8 23.4 16.8% 1.5% 33.6% NA
Qorvo, Inc. $70.68 8,995 477 9,472 3.2 2.8 9.6 7.7 14.4 10.7 (0.0%) 14.7% 36.8% NA
Marvell Technology Group Ltd. $17.90 8,875 (1,574) 7,301 3.1 3.0 10.8 9.9 15.8 14.5 (0.2%) 2.6% 58.9% 60.9%
ams AG $72.45 5,892 567 6,459 5.4 4.0 27.4 12.2 41.2 18.3 107.4% 35.1% 45.7% 41.1%
Cirrus Logic, Inc. $53.32 3,402 (175) 3,227 2.0 1.9 6.9 7.3 11.5 11.3 12.0% 8.1% 49.5% NA
Dialog Semiconductor Plc $44.16 3,239 (644) 2,595 1.9 1.7 8.6 7.2 20.1 15.7 13.7% 14.6% 45.8% 46.2%
7777
MARKET SUMMARY
Notes: Source: Capital IQ and Capital IQ estimates.Multiples <0 or >50 considered NM.
Semiconductor Trading Statistics (cont’d)($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
9/30/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E LTM CY 17E
Consumer (cont'd)
Ambarella, Inc. $49.01 $1,628 ($401) $1,227 4.2x 4.0x 15.4x 18.8x 26.0x 29.3x (4.4%) 4.4% 65.0% 62.9%
MaxLinear, Inc. $23.75 1,580 329 1,910 4.5 3.6 14.9 11.0 17.1 13.6 10.4% 23.9% 58.7% 62.2%
Diodes Incorporated $29.93 1,469 118 1,587 1.5 1.5 8.5 7.4 23.4 19.6 11.1% 4.2% 31.4% 33.4%
Knowles Corporation $15.27 1,365 250 1,615 1.9 1.8 9.2 8.2 16.1 13.3 2.1% 5.7% 38.9% 38.9%
Synaptics Incorporated $39.18 1,322 290 1,611 0.9 0.9 6.8 6.0 8.5 7.6 9.5% 7.3% 30.5% NA
Nordic Semiconductor ASA $5.53 892 (3) 888 3.8 3.1 28.6 17.3 46.7 31.8 23.4% 20.2% 46.4% 47.1%
Mean 3.5x 3.1x 14.9x 11.6x 22.4x 19.3x 15.7% 10.8% 46.9% 49.9%
Median 3.1 2.9 9.6 8.2 16.6 14.5 11.1% 8.1% 46.4% 47.1%
($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
9/30/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E LTM CY 17E
Datacenter
Cavium, Inc. $65.94 $4,534 $511 $5,045 5.2x 4.6x 14.8x 12.5x 23.6x 18.6x 62.7% 12.2% 47.1% 64.9%
MACOM Technology Solutions Holdings, Inc. $44.61 2,865 436 3,302 4.5 3.8 16.1 11.7 19.6 14.7 26.2% 17.1% 53.1% NA
Mellanox Technologies, Ltd. $47.15 2,371 (97) 2,274 2.6 2.3 11.6 9.8 22.2 16.6 0.8% 12.8% 65.9% 70.9%
Inphi Corporation $39.69 1,678 30 1,708 4.9 4.1 17.0 13.4 26.6 19.0 30.7% 19.4% 64.6% 71.1%
Mean 4.3x 3.7x 14.9x 11.8x 23.0x 17.2x 30.1% 15.4% 57.6% 69.0%
Median 4.7 4.0 15.4 12.1 22.9 17.6 28.5% 14.9% 58.8% 70.9%
8888
MARKET SUMMARYSemiconductor Trading Statistics (cont’d)
Notes: Source: Capital IQ and Capital IQ estimates.Multiples <0 or >50 considered NM.
($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
9/30/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E LTM CY 17E
Diversified
Broadcom Limited $242.54 $98,951 $8,123 $107,074 5.9x 5.5x 8.4x 8.6x 14.6x 13.7x 16.6% 6.3% 62.0% NA
Texas Instruments Incorporated $89.64 88,747 599 89,346 6.1 5.9 13.4 12.8 21.1 20.2 10.5% 3.5% 62.9% 63.9%
NXP Semiconductors N.V. $113.09 38,238 3,906 42,144 4.7 4.5 13.7 11.6 18.0 15.9 (5.5%) 5.1% 48.7% 52.6%
Analog Devices, Inc. $86.17 31,682 7,291 38,973 6.9 6.7 13.7 13.2 17.9 17.5 59.6% 3.6% 66.5% NA
Microchip Technology Incorporated $89.78 20,894 1,765 22,659 5.9 5.6 13.5 13.7 17.5 16.4 23.1% 4.6% 58.2% NA
Xilinx, Inc. $70.83 17,608 (1,913) 15,695 6.4 6.0 20.4 18.6 29.0 25.6 7.1% 5.7% 69.4% NA
STMicroelectronics N.V. $19.35 16,854 (524) 16,330 2.0 1.9 10.3 8.7 22.9 19.0 15.6% 8.3% 37.3% 38.7%
Maxim Integrated Products, Inc. $47.71 13,457 (1,257) 12,200 5.2 5.1 13.0 12.8 20.6 19.7 5.4% 2.5% 63.2% NA
ON Semiconductor Corporation $18.47 7,786 2,269 10,055 1.9 1.8 8.4 7.8 13.3 11.6 38.4% 2.0% 35.8% 36.5%
Microsemi Corporation $51.48 5,955 1,794 7,749 4.2 4.0 12.0 11.1 12.9 11.7 4.3% 4.8% 63.8% NA
Monolithic Power Systems, Inc. $106.55 4,409 (278) 4,132 9.0 7.7 33.2 26.0 37.1 29.8 18.9% 16.1% 54.6% 55.6%
Integrated Device Technology, Inc. $26.58 3,547 125 3,672 4.7 4.1 16.0 12.7 18.7 15.3 5.9% 13.9% 58.8% NA
Silicon Laboratories Inc. $79.90 3,399 (326) 3,073 4.0 3.7 18.7 16.4 26.2 23.1 9.9% 8.5% 59.7% 59.0%
Semtech Corporation $37.55 2,486 (45) 2,440 4.0 3.6 12.0 10.3 19.8 16.9 12.2% 10.6% 59.5% 60.9%
Power Integrations, Inc. $73.20 2,178 (254) 1,924 4.4 4.0 21.0 17.1 26.1 21.6 12.4% 11.1% 49.0% 50.2%
Lattice Semiconductor Corporation $5.21 641 217 858 2.2 2.0 NA NA NM 15.6 (9.9%) 10.0% 56.5% 55.8%
Mean 4.8x 4.5x 15.2x 13.4x 21.1x 18.3x 14.0% 7.3% 56.6% 52.6%
Median 4.7 4.3 13.5 12.8 19.8 17.2 11.3% 6.0% 59.1% 55.6%
Overall:
Mean 4.0x 3.7x 14.5x 12.2x 22.6x 18.7x 20.3% 10.0% 51.9% 51.9%
Median 4.2 3.8 13.5 11.7 21.1 18.4 13.1% 8.2% 51.3% 50.2%
9999
RECENT ACQUISITIONSSelect Semiconductor Transactions
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced during the first three quarters with transaction values greater than or equal to $20MM.
($MM)
Announced Enterprise EV / Revenue
Date Acquirer Target Target Sector Value (EV) LTM NTM Target Description
09/28/2017 K.K. PangeaSemiconductors
/ Memory$17,867 NA NA
Provides flash memory semiconductors for smartphone OEMs and makers of
other digital devices.
09/22/2017Semiconductors / Design &
IP804 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.
09/22/2017Semiconductors / Design &
IP65 NA NA
Provides embedded semiconductor IP cores and EDA software for
semiconductor and electronics manufacturers globally.
09/06/2017 Semiconductors / Metrology 62 NA NA Provides analog and digital electronic measurement and control systems for
the automotive and industrial sectors.
08/28/2017Semiconductors / Electronic
Components &
Subassemblies
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)
Semiconductors / Foundry,
Manufacturing & Assembly80 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.
08/01/2017Semiconductors / Electronic
Components &
Subassemblies
116 1.0x 1.0x
Designs and manufactures ambient, overhead and LED lighting, PCB
assemblies, control modules and wire harnesses for the automotive and
commercial vehicle sectors.
07/10/2017 U.S. Sensor CorporationSemiconductors / Detectors,
Sensors and MEMS24 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.
07/07/2017Semiconductors / Detectors,
Sensors and MEMS235 0.8x NA
Provides microelectromechanical (MEMS) and sonar ruggedized systems and
sensors for the biotechnology, manufacturing and military industries.
06/29/2017 Semiconductors / FPGAs 28 NA NA Manufactures audiovisual (AV) FPGA chipsets for AV equipment providers.
10101010
RECENT ACQUISITIONSSelect Semiconductor Transactions
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced during the first three quarters with transaction values greater than or equal to $20MM.
($MM)
Announced Enterprise EV / Revenue
Date Acquirer Target Target Sector Value (EV) LTM NTM Target Description
06/19/2017Semiconductors /
Fabrication Equipment $40 NA NA
Designs and manufactures customized precision laser hardware and
software-enabled control and data collection systems for medical device
manufacturers.
06/12/2017Semiconductors / Design &
IP343 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)
Semiconductors / Design &
IP95 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
Technology
Semiconductors /
Foundry,
Manufacturing &
Assembly
546 NA NA Manufactures electronic transmitters, controllers, display converters and
chips for businesses.
05/18/2017
Semiconductors /
Electronic Components &
Subassemblies
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)
Semiconductors /
Electronic Components &
Subassemblies
110 1.1x NA Provides electronic components, sub-assemblies, antennas and test systems
to companies that build wireless infrastructure.
04/26/2017
Semiconductors /
Foundry, Manufacturing &
Assembly
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)
Semiconductors /
Foundry, Manufacturing &
Assembly
20 NA NA The microelectronics filtration product line is used to eliminate contaminants
in the manufacturing of semiconductors, microelectronics and disk drives.
04/03/2017Semiconductors /
Microwave Devices41 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
Semiconductors /
Foundry, Manufacturing &
Assembly
456 2.9x 3.7x
Designs and manufactures analog and mixed-signal semiconductors for use
in storage networking, power management and network security
applications.
11111111
RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)
Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced during the first three quarters with transaction values greater than or equal to $20MM.
($MM)
Announced Enterprise EV / Revenue
Date Acquirer Target Target Sector Value (EV) LTM NTM Target Description
03/16/2017Semiconductors /
Photonics$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.
03/13/2017Semiconductors / System-
on-Chip15,004 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.
03/07/2017Semiconductors /
Photonics150 NA NA
Manufactures quantum cascade lasers for use in molecular detection and
imaging systems.
02/13/2017Semiconductors /
Photonics210 3.6x 3.1x
Designs and manufactures semiconductor integrated circuits and related
software for networking, video encoding and compression.
02/08/2017
(G.hn Assets)
Semiconductors / Design &
IP21 NA NA
The G.hn assets of Marvell designs networking transceiver chipsets for use in
in-home networking and high bandwidth broadband internet access.
02/02/2017Semiconductors /
Fabrication Equipment557 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 Semiconductors / General 527 NA NA Manufactures semiconductors and components for OEMs in South Korea
and globally.
01/03/2017
(Surveillance Business)
Semiconductors / Design &
IP22 NA NA
Faraday Technology's surveillance business designs ASIC and SoC
semiconductors for DVRs and IP cameras.
Mean 6.6x 7.0x
Median 2.9x 2.9x
12121212
PERSPECTIVES ON CONSOLIDATIONSemiconductor Industry Increasing Rate of Consolidation
Public Companies(1):
130
Public Companies(1):
121
Public Companies(1):
103
Public Companies(1):
63(7%) (15%) (39%)
10+ Years Ago
6 Years Ago
4 Years Ago
Today
$17.3BN
$18.2BN
$37BN$8BN $4.9BN
$3.6BN $3.6BN
$3.5BN
$18BN
Sponsors
$4.2BN
Notable Acquisitions Notable Acquisitions Notable Acquisitions
Notes: 10+, 6 and 4 years ago time periods represent data as of 1/1/2006, 1/1/2011 and 1/1/2013, respectively. “Today” represents data as of 9/30/2017. 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.
$48BN
$31.5BN
$15.7BN $15.4BN
$17.9BN
K.K. Pangea
13131313
GCA OVERVIEWDeep Semiconductor Sector Expertise
$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
We advised the Buyer
Acquisition of
$1.1 Bn
Joint Venture Agreement with
We advised DNP
$1.1Bn
Acquisition of
We advised the Buyer
$66MM
Acquired by
We advised the Seller
$63MM
Acquisition of
We advised the Buyer
$850MM
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
Sale of IP Assets to
We advised the Seller
$65MM
Acquired by
We advised the Seller
Undisclosed
We advised the Seller
Sale of
to
Undisclosed
Acquisition of
We advised the Buyer
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
Diode & LED Business
We advised the Buyer
Undisclosed
Acquisition of Industrial
& Consumer Laser
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
We Advised the Buyer
Acquisition of Timing Solutions Business
from
$35MM