OmniVision Agrees To Be Acquired By Hua Capital-led Consortium For $1.9 Bln

(RTTNews) - OmniVision Technologies Inc. (OVTI), a developer of advanced digital imaging solutions, announced that it agreed to be acquired by a consortium for $29.75 per share in cash, or a total of about $1.9 billion. The consortium comprise of Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd.The agreement was unanimously approved by OmniVision's Board of Directors.

OmniVision CEO Shaw Hong is expected to remain with OmniVision in the same capacity. The transaction is expected to close in the third or fourth fiscal quarter of fiscal year 2016. It is subject to approval by OmniVision stockholders, regulatory approvals, including antitrust review in the U.S. and the People's Republic of China, review and clearance by the Committee on Foreign Investment in the U.S., clearance or approval under applicable Taiwan law, and other customary closing conditions.

In order to obtain clearance or approval under applicable Taiwan law, OmniVision will divest certain of its investments in Taiwan, including certain of its interests in a joint venture.