OmniVision Gets CFIUS Approval For Acquisition By Hua Capital-led Consortium

(RTTNews) - OmniVision Technologies, Inc. (OVTI), a developer of advanced digital imaging solutions, announced that it has received notice from the Committee on Foreign Investment in the United States or "CFIUS" that it has concluded its review of the proposed acquisition of OmniVision by a consortium composed of Hua Capital Management Co., Ltd., CITIC Capital Holdings Limited, and GoldStone Investment Co., Ltd., and determined that there are no unresolved national security concerns with respect to the proposed acquisition.

The proposed acquisition remains subject to the receipt of certain foreign antitrust and regulatory approvals, as well as other customary closing conditions.

OmniVision expects the proposed acquisition to close in the third or fourth fiscal quarter of fiscal year 2016.

In Late-April 2015, OmniVision Technologies 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.