GCA Semiconductor Sector Report · SEMICONDUCTOR SECTOR REPORT Q4 2018. 2 DEAL DASHBOARD Notes:...

SEMICONDUCTORSECTOR REPORT

Q4 2018

2222

DEAL DASHBOARD

Notes:Source: Capital IQ and 451 Group. Q4 financial information as of 12/31/2018.(1) Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM. (2) A special purpose acquisition company formed and controlled by Bain Capital-led consortium. Members of the consortium include: Bain Capital, SK Hynix, Toshiba, Hoya

Corp, Apple, Kingston Technology, Seagate Technology and Dell Technologies. (3) PHLX Semiconductor Sector Index (^SOX), used as a proxy for the semiconductor landscape. Top holdings in the ETF include NVDA, AVGO and TXN.

Semiconductor

$5.8 Billion

Q4 2018 M&A Volume (1)

Quarterly M&A Volume ($MM) (1) Quarterly M&A Deal Count (1) Top M&A Transactions - Since 2017

Acquirer Target Transaction Value ($MM)

K.K. Pangea (2)

Flash Memory$17,867

$15,004

$10,312

$7,293

$6,843

$3,200

LTM Semiconductor Performance vs. SPX (3) Median M&A EV / NTM Revenue Over Time (1)

3

89 9

6

8

10

67

10

0

5

10

15

Q4' 16 Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 Q2' 18 Q3' 18 Q4' 18

Chinese Buyer and Seller

1.3x

1.9x

2.3x 2.2x

2.8x 3.1x

3.3x

0.0x

2.0x

4.0x

2012 2013 2014 2015 2016 2017 2018

(8%)

(6%)

^SOX ^SPX

$59,211

$17,021

$3,047

$19,590

$8,634

$15,646

$2,782

$8,629 $5,761

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

Q4' 16 Q1' 17 Q2' 17 Q3' 17 Q4' 17 Q1' 18 Q2' 18 Q3' 18 Q4' 18

(20%)

(10%)

0%

10%

20%

30%

40%

50%

Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

3333

PERSPECTIVES ON CONSOLIDATIONSemiconductor Industry Increasing Rate of Consolidation

Public Companies(1):

130


121


103


72(7%) (15%) (30%)

10+ Years Ago

7 Years Ago

5 Years Ago

Today

$8BN $4.9BN

$3.6BN $3.6BN

$3.5BN

$18BN

Sponsors

$4.2BN

Notable Acquisitions Notable Acquisitions Notable Acquisitions

Notes: 10+, 7 and 5 years ago time periods represent data as of 1/1/2006, 1/1/2011 and 1/1/2013, respectively. “Today” represents data as of 12/31/2018. 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.

$37BN$48BN $31.5BN

$17.3BN$18.2BN $17.9BN

K.K. Pangea

$15.7BN $15.4BN $10.2BN

4444

MARKET SUMMARY

Automotive(1) Consumer(2)

Datacenter(3) Diversified(4)

Notes:(1) Automotive: Elmos, Infineon, Melexis NV, Renesas Electronics, 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: Inphi, Macom, Mellanox.(4) Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, 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

(50%)

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

(20%)

0%

20%

40%

60%

80%

100%

120%

Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18

Indexed Performance Over Time

Sector 3 Months 1 Year 3 Years

Automotive (18.0%) (40.9%) 9.5%

Consumer (23.6%) (11.3%) 45.2%

Datacenter 5.1% 0.9% 22.2%

Diversified (6.4%) (8.5%) 61.2%

5555

4.8x

4.2x

2.5x

1.9x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

Diversified Datacenter Consumer Automotive

14.1x

12.7x

7.9x 7.8x

0.0x

3.0x

6.0x

9.0x

12.0x

15.0x

Datacenter Diversified Consumer Automotive

10.1%

7.3%

3.2%

(12.5%)(15.0%)

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

Diversified Consumer Automotive Datacenter

60.3% 59.8%

49.0% 46.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Datacenter Diversified Consumer Automotive

MARKET SUMMARYMultiples and Margins by Sub-Sector

Notes:Source: Capital IQ.Sub-Sector details:

• Automotive: Elmos, Infineon, Melexis NV, Renesas Electronics, u-blox Holding.• Consumer: Advanced Micro Devices, Ambarella, ams AG, Cirrus Logic, Dialog, Diodes, Intel, Knowles, Marvell, MaxLinear, Nordic, NVIDIA, Qorvo, Qualcomm, ROHM,

Skyworks Solutions, Synaptics. • Datacenter: Inphi, Macom, Mellanox.• Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, Monolithic Power Systems, NXP,

ON Semiconductor, Power Integrations, Semtech, Silicon Laboratories, STMicroelectronics, Texas Instruments, Xilinx. (1) Calculations exclude the following companies due to pending transactions: Integrated Device Technology, Renesas Electronics. Values presented are the medians for

their respective sub-sector.

CY 2018E EV / Revenue(1) CY 2018E EV / EBITDA(1)

CY 2018E Revenue Growth LTM Gross Margin (%)

6666

MARKET SUMMARY

Notes: Source: Capital IQ and Capital IQ estimates.Multiples <0 or >50 considered NM.Multiple calculations exclude Renesas Electronics due to its pending acquisition of Integrated Device Technology.

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

12/31/2018 Value Debt Value CY 17A CY 18E CY 17A CY 18E CY 17A CY 18E 18E/17A 19E/18E LTM CY18E

Automotive

Infineon Technologies AG $19.88 $22,487 ($1,175) $21,312 2.5x 2.4x 9.6x 7.9x 22.7x 16.9x 3.2% 9.1% 38.0% NA

Renesas Electronics Corporation $4.56 7,603 387 7,990 1.2 1.1 5.2 4.6 11.1 14.3 0.4% 5.0% 46.3% 44.2%

Melexis NV $58.28 2,334 (25) 2,309 3.8 3.6 12.2 11.5 17.7 17.7 5.8% 6.8% 46.1% 45.9%

u-blox Holding AG $80.24 569 (1) 568 1.4 1.4 7.0 7.7 10.7 14.0 (0.7%) 11.9% 46.5% 45.4%

Elmos Semiconductor AG $22.17 436 (9) 427 1.4 1.4 6.1 5.2 14.8 11.8 4.9% 6.8% 44.7% 44.4%

Mean 2.3x 2.2x 8.7x 8.1x 16.4x 15.1x 2.7% 7.9% 44.3% 45.0%

Median 1.9 1.9 8.3 7.8 16.2 15.5 3.2% 6.8% 46.1% 44.9%

Consumer

Intel Corporation $46.93 $214,189 $14,688 $228,877 3.6x 3.2x 8.6x 7.1x 23.6x 10.3x 13.5% 3.0% 62.6% 63.2%

NVIDIA Corporation $133.50 81,435 (5,601) 75,834 7.8 6.2 22.2 16.3 27.7 18.2 25.7% 7.6% 62.5% 62.9%

QUALCOMM Incorporated $56.91 68,984 4,282 73,266 3.3 3.5 11.9 12.1 NM 16.1 (5.6%) 2.3% 56.9% NA

Advanced Micro Devices, Inc. $18.46 18,449 247 18,696 3.5 2.9 NM 23.9 NM 40.3 22.1% 7.3% 37.1% 38.4%

Marvell Technology Group Ltd. $16.19 10,643 1,195 11,839 4.9 4.0 19.5 11.7 19.0 12.9 21.7% 16.0% 59.8% 62.9%

Skyworks Solutions, Inc. $67.02 11,898 (1,027) 10,871 2.9 2.8 6.9 6.4 15.2 9.4 1.0% 4.5% 50.4% NA

Qorvo, Inc. $60.73 7,585 177 7,763 2.6 2.5 9.3 7.9 NM 11.1 3.8% 7.3% 38.2% NA

ROHM Co., Ltd. $64.17 6,787 (2,621) 4,166 1.2 1.1 4.9 4.3 21.4 15.8 7.3% 3.6% 37.1% NA

ams AG $23.94 1,958 1,604 3,563 2.8 2.1 13.7 11.3 19.7 11.1 30.7% 23.5% 31.1% 28.8%

Cirrus Logic, Inc. $33.18 1,986 (245) 1,741 1.1 1.4 4.7 5.9 11.9 12.5 (20.1%) 0.5% 49.6% NA

Diodes Incorporated $32.26 1,620 19 1,639 1.6 1.4 8.6 6.4 NM 14.0 15.0% 6.1% 36.3% 35.7%

Synaptics Incorporated $37.21 1,288 192 1,480 0.9 0.9 10.0 6.5 NM 8.2 (5.5%) 2.2% 30.1% NA

MaxLinear, Inc. $17.60 1,214 203 1,417 3.4 3.7 15.4 13.1 NM 16.3 (8.5%) 2.2% 54.7% 63.9%

Knowles Corporation $13.31 1,201 119 1,320 1.8 1.6 10.0 7.8 NM 13.6 11.3% 5.6% 39.4% 39.3%

Dialog Semiconductor Plc $25.81 1,905 (617) 1,289 1.0 0.9 5.2 4.4 11.7 13.3 7.2% (9.2%) 46.0% 47.5%

Ambarella, Inc. $34.98 1,121 (349) 773 2.6 3.4 29.5 31.3 NM NM (22.9%) 3.8% 61.8% 61.0%

Nordic Semiconductor ASA $3.33 584 (95) 489 2.1 1.8 28.5 15.8 NM NM 12.9% 15.0% 49.0% 49.6%

Mean 2.8x 2.6x 13.1x 11.3x 18.8x 14.9x 6.4% 6.0% 47.2% 50.3%

Median 2.6x 2.5x 10.0x 7.9x 19.4x 13.3x 7.3% 4.5% 49.0% 49.6%

7777

MARKET SUMMARYSemiconductor 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

12/31/2018 Value Debt Value CY 17A CY 18E CY 17A CY 18E CY 17A CY 18E 18E/17A 19E/18E LTM CY18E

Notes: Source: Capital IQ and Capital IQ estimates.Multiples <0 or >50 considered NM.Multiple calculations exclude Integrated Device Technology due to its pending acquisition by Renesas Electronics.

Datacenter

Mellanox Technologies, Ltd. $92.38 $4,944 ($345) $4,600 5.3x 4.2x 46.6x 13.7x NM 19.0x 25.5% 12.7% 64.0% 68.7%

Inphi Corporation $32.15 1,418 47 1,465 4.2 5.0 23.6 14.1 NM 38.8 (15.4%) 23.4% 60.3% 68.7%

MACOM Technology Solutions Holdings, Inc.$14.51 946 502 1,448 2.1 2.4 12.4 14.1 NM 23.4 (12.5%) 14.1% 46.6% NA

Mean 3.9x 3.9x 27.5x 14.0x NM 30.0x (0.8%) 16.7% 56.9% 68.7%

Median 4.2x 4.2x 23.6x 14.1x NM 23.4 (12.5%) 14.1% 60.3% 68.7%

Diversified

Broadcom Inc. $254.28 $103,561 $13,201 $116,762 6.2x 5.5x 14.2x 8.2x 13.8x 12.1x 13.6% 16.8% 66.3% NA

Texas Instruments Incorporated $94.50 90,771 (46) 90,725 6.1 5.7 13.2 11.9 26.2 16.6 5.7% (1.6%) 65.2% 65.0%

Analog Devices, Inc. $85.83 31,771 5,516 37,287 6.6 6.0 15.7 13.0 40.5 14.8 9.7% 2.1% 68.3% NA

Microchip Technology Incorporated $71.92 17,010 10,422 27,432 7.1 5.3 18.4 12.9 NM 11.3 32.2% 14.2% 55.0% NA

NXP Semiconductors N.V. $73.28 21,654 4,412 26,066 2.8 2.8 9.5 7.9 11.4 10.3 1.4% 2.6% 51.3% 52.9%

Xilinx, Inc. $85.17 21,552 (1,537) 20,015 8.1 7.0 25.4 20.2 44.9 26.5 16.3% 10.6% 70.1% NA

Maxim Integrated Products, Inc. $50.85 14,089 (1,072) 13,017 5.5 5.2 14.1 12.4 38.2 18.0 5.4% (1.7%) 66.2% NA

STMicroelectronics N.V. $14.29 12,841 (447) 12,394 1.5 1.3 7.3 5.8 NM 10.3 15.1% 4.5% 38.0% 39.9%

ON Semiconductor Corporation $16.51 6,950 1,764 8,713 1.6 1.5 7.2 6.4 8.7 8.7 6.1% 3.4% 38.0% 38.0%

Integrated Device Technology, Inc. $48.43 6,249 107 6,356 8.0 6.9 34.4 19.8 NM 26.4 16.3% 7.9% 60.7% NA

Monolithic Power Systems, Inc. $116.25 4,930 (348) 4,583 9.7 7.9 48.4 27.1 NM 31.1 23.8% 15.3% 55.4% 56.0%

Silicon Laboratories Inc. $78.81 3,401 (250) 3,150 4.1 3.6 24.9 15.5 NM 21.1 14.1% 6.9% 59.8% 60.8%

Semtech Corporation $45.87 3,019 (100) 2,919 5.0 4.5 22.5 13.9 NM 20.9 10.1% 7.2% 59.8% 61.6%

Power Integrations, Inc. $60.98 1,789 (248) 1,540 3.6 3.7 18.8 14.9 NM 22.9 (2.8%) 5.1% 51.2% 52.5%

Lattice Semiconductor Corporation $6.92 896 158 1,054 2.7 2.6 21.5 11.8 NM NM 3.1% (1.1%) 56.4% 57.3%

Mean 5.0x 4.5x 18.6x 13.0x 26.2x 17.3x 11.3% 6.1% 57.4% 53.8%

Median 5.2x 4.8x 17.0x 12.7x 26.2x 16.6x 10.1% 5.1% 59.8% 56.0%

Overall

Mean 3.6x 3.3x 15.9x 11.8x 21.0x 16.8x 7.3% 7.1% 51.4% 52.1%

Median 3.1x 3.0x 13.2x 11.8x 19.0x 14.8x 6.6% 6.4% 51.3% 52.7%

8888

RECENT ACQUISITIONSSelect Semiconductor Transactions

Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.

($MM)

Announced Transaction EV / Revenue

Date Acquirer Target Value LTM NTM Target Description

12/06/2018 $49 1.2x NM Designs and develops multifunctional PMICs, WLED drivers, battery

management products, amps, level shifters and more.

11/14/2018Semiconductor System Level

Test Business

$215 NA NA Designs, manufactures and supplies test and measurement systems including

chassis, digital test instrments, analog stimulus instruments and more.

11/12/2018 $139 NA NA Develops cold split technology to process crystal material.

10/30/2018 $1,189 2.4x 3.3x Supplies laser-based microfabrication solutions.

10/30/2018 GTA Semiconductor Co., Ltd. $293 1.4x NA Manufactures wafer products and integrated circuit chips.

10/29/2018 $132 0.5x 0.5x Provides high temperature heat treatment and CVD equipment used in the

manufacture of semiconductors, AMOLED and solar cells.

10/25/2018 $2,655 NA NA Manufactures discrete, logic and PowerMOS semiconductors.

10/11/2018Beijing Unis Memory Technology

Co., Ltd.$32 0.6x NA

Designs and develops memory products including data rate dynamic random

access memory and SDRAM.

10/11/2018Chip Research and

Development Business

$300 NA NA Dialog Semiconductor patents, ~300 engineers and offices in Britain, Italy and

Germany.

10/10/2018Zhejiang Boland Semiconductor

Technology Co., Ltd.$95 2.3x NA Manufactures semiconductor equipment.

9999

RECENT ACQUISITIONSSelect Semiconductor Transactions (cont’d)


($MM)



09/12/2018 $451 1.5x 1.5x Engages in manufacturing semiconductor devices, and providing other related

services to electronics companies.

09/10/2018

Electronics Division

$184 0.1x NA Provider of electronics and semiconductor devices.

09/10/2018 $7,293 7.9x 7.3x Designs and develops a range of semiconductor solutions for the

communications, computing, consumer, automotive and industrial end-markets.

08/27/2018Semiconductor Cryogenics

Business

$675 NA NA

Manufactures, markets, sells, distributes and refurbishes semiconductor

cryogenic vacuum pumps, chillers, coolers, compressors, refrigeration systems

and spare parts.

08/09/2018 $197 2.3x NA Provides die bonder products for fabricating flash memory as used in

computers, smartphones, digital camera and portable music players.

08/06/2018 $425 NA NA

Designs, develops, manufactures, and sells audio/visual related products

including speakers, acoustic equipment, electronic equipment, in-vehicle

speakers, LED lighting equipment and more.

07/24/2018 $357 1.6x NA Provides outsourced process tool parts cleaning and engineering services.

06/12/2018Enphase Energy, Inc.

(NasdaqGM:ENPH)Microinverter Business

$60 NA NA Manufactures microinverter for residential solar product.

05/09/2018 $52 2.7x NA Manufactures and markets mixed-signal chips and radio frequency application

specific integrated circuits.

05/08/2018 $800 1.3x 1.3x

Provides test and handling capital equipment, interface products, and test

fixtures and related services to the semiconductor and electronics

manufacturing industries worldwide.

10101010


Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.(1) Per Synopsys’ 10Q filed on 2/23/2018, Synopsys paid $595.9M in aggregate for Kilopass Technology and Phoenix Software.

($MM)



04/27/2018 $439 8.6x NA

Provides 3D metrology inspection and measurement machine software, as well

as related metrology hardware, upgrades, calibration, onsite support and

maintenance services, for electronics OEMs.

04/27/2018 Yoho Bravo Limited $76 2.3x NA Engages in the assembly, packaging, and sale of discrete semiconductors with a

primary focus on applications for smart consumer electronic devices.

03/19/2018 KLA-Tencor Corporation Orbotech Ltd. $3,200 3.6x NA Designs and manufactures automated optical inspection, repair, imaging and

computer aided manufacturing (CAM) systems for PCB and display OEMs.

03/07/2018Wonik QnC Corporation

(KOSDAQ:A074600)Nanowin Co., Ltd. $22 NA NA Manufactures semiconductor equipment and provides cleaning services.

03/06/2018 Cree, Inc.

Radio Frequency Power Business

$428 NA 3.7x

Manufactures transistors and monolithic microwave integrated circuits (MMICs)

for wireless infrastructure radio frequency power amplifiers based on both

LDMOS and gallium nitride on silicon carbide (GaN-on-SiC) technologies.

03/01/2018 Microchip Technology Microsemi $10,312 5.1x 5.0x Designs, manufactures, and markets analog and mixed-signal semiconductor

solutions.

02/08/2018 PhoeniX B.V. $596 NA NA

Provides micro and nano technology (MNT) software and SaaS systems for IC

developers. Software provides features for design, layout and simulation,

process automation, tracking and cleanroom booking and management.

02/07/2018

Wired Connectivity Unit

$28 NA NA Develops, markets, and sells chipsets for the home networking and MDU/MTU

broadband access markets.

01/30/2018 GigaDevice $269 NA NA Designs and develops interface circuit solutions for fingerprint and touch

technology applications.

01/10/2018 Kilopass Technology Inc. $596 NA NA Develops and manufactures embedded non-volatile memory for use in system-

on-chip (SoC) integrated circuits.

(1)

11111111


(1)


($MM)



01/04/2018 Nordson Sonoscan Inc. $44 NA NA

Provides acoustic microscopy systems, which are also known as acoustic micro

imaging (AMI) systems, for use in measuring physical defects in electronics

equipment.

01/03/2018 Ethertronics Inc. $150 1.7x NA

Designs and manufactures embedded antennas for wireless devices such as

phones, PDAs, laptops, WLANs, GPS receivers and Bluetooth, to electronics

OEMs.

12/25/2017 Gemtek Technology Co Ltd AMPAK Technology Inc. $32 NA NA Provides wireless semiconductor components, multimedia products and optical

communications hardware for the optoelectronics industry.

12/18/2017Shanghai Pudong Science and Technology Investment Co.Semiconductor Technologies & Instruments Group$74 NA NA Designs, develops, and manufactures semiconductor equipment.

12/03/2017 TTM Technologies Inc. Anaren Inc. $775 3.5x NA

Designs and manufactures microwave component assemblies and subsystems

for wireless communications, satellite communications and military systems

manufacturers.

11/20/2017 Marvell Technology Cavium, Inc. $6,843 7.0x 6.2x Designs, develops, and markets semiconductor processors for intelligent and

secure networks in the United States and internationally.

11/10/2017 East Group Co., Ltd.Ningbo Jiangbei Yize New Energy

Technology Co.$437 NA NA

Develops and manufactures photovoltaic cells used in solar powered

equipment.

10/27/2017 The Carlyle Group L.P. AMCC

Germany, Japan, Vietnam

$37 NA NA Develops silicon based computing and connectivity solutions for data centers.

10/26/2017 Microsemi CorporationVectron International

Timing Business Assets

$130 NA NA The timing business assets of Vectron International, which provides network

timing, reference distribution and input reference modules to businesses.

10/05/2017 Dialog Semiconductor Plc Silego Technology, Inc. $306 NA NA Designs, manufactures, and sells power, logic, and timing mixed signal

integrated circuit (IC) products.

12121212


Notes: Source: 451 Group and Capital IQ.Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM.(1) A special purpose acquisition company formed and controlled by Bain Capital-led consortium. Members of the consortium include: Bain Capital, SK Hynix, Toshiba, Hoya

Corp, Apple, Kingston Technology, Seagate Technology and Dell Technologies.

($MM)



09/28/2017 K.K. Pangea (1)

Toshiba Memory Corp

$17,867 NA NA Provides flash memory semiconductors for smartphone OEMs and makers of

other digital devices.

09/22/2017 804 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.

09/22/2017 65 NA NA Provides embedded semiconductor IP cores and EDA software for

semiconductor and electronics manufacturers globally.

08/28/2017 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)

80 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.

07/10/2017 U.S. Sensor Corporation 24 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.

06/29/2017 28 NA NA Manufactures audiovisual (AV) FPGA chipsets for AV equipment providers.

06/12/2017 343 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)

95 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

Technology546 NA NA

Manufactures electronic transmitters, controllers, display converters and chips

for businesses.

13131313



($MM)



05/18/2017 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)

110 1.1x NA Provides electronic components, sub-assemblies, antennas and test systems to

companies that build wireless infrastructure.

04/26/2017 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)

20 NA NA The microelectronics filtration product line is used to eliminate contaminants in

the manufacturing of semiconductors, microelectronics and disk drives.

04/03/2017 41 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 456 2.9x 3.7x Designs and manufactures analog and mixed-signal semiconductors for use in

storage networking, power management and network security applications.

03/16/2017 $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.

03/13/2017 15,004 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.

03/07/2017 150 NA NA Manufactures quantum cascade lasers for use in molecular detection and

imaging systems.

02/13/2017 210 3.6x 3.1x Designs and manufactures semiconductor integrated circuits and related

software for networking, video encoding and compression.

14141414



($MM)



02/08/2017

(G.hn Assets)

21 NA NA The G.hn assets of Marvell designs networking transceiver chipsets for use in in-

home networking and high bandwidth broadband internet access.

02/02/2017 557 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 527 NA NA Manufactures semiconductors and components for OEMs in South Korea and

globally.

01/03/2017

(Surveillance Business)

22 NA NA Faraday Technology's surveillance business designs ASIC and SoC

semiconductors for DVRs and IP cameras.

Mean 4.1x 4.8x

Median 2.3x 3.2x

15151515

Kamal Ahmed Clark Callander Geoff Baldwin Alex VitaleManaging Director and Managing Director Co-CEO Managing Director

Head of Semiconductor and

Internet of Things

Phone: (415) 318-3622 Phone: (415) 318-3680 Phone: (415) 318-3640 Phone: (415) 318-3618

Mobile: (650) 213-2139 Mobile: (415) 515-2468 Mobile: (415) 867-9366 Mobile: (650) 799-7674

[email protected] [email protected] [email protected] [email protected]

Kevin Walsh Aki Watanabe* Akikazu "Kaz" Ida* Shohei Taniguchi*Managing Director Managing Director Managing Director Director

Phone: (415) 318-3629 Phone: +81 (3) 6212-7102 Phone: +81 (3) 6212-7241 Phone: +81 (3)-6212-7236

Mobile: (415) 816-1394 Mobile: +81 (80)-3453-4181 Mobile: +81 (80) 9027-3023 Mobile: +81 (80)-9027-3010

[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]

GCA OVERVIEWSemiconductor Team

*Aki Watanabe is a Managing Director, Akikazu Ida is a Managing Director and Shohei Taniguchi is a Director at GCA Corporation.**Tobias Schultheiss, Sascha Pfieffer and Alex Grunwald are Managing Directors at GCA Altium AG, a wholly owned subsidiary of GCA Corporation.

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

16161616

GCA OVERVIEWDeep Semiconductor Sector Expertise

We advised the Buyer

Acquisition of

$1.1 Bn

Acquired by

We advised the Seller

$63MM


Sale of Certain Assets of

DigitalOptics Micro-Optics Business to

$15MM

Divesture ofCleanroom Integrated

Solutions Business


Undisclosed

Acquired by


Undisclosed

We advised SuVolta

Strategic Investment &

License by

Undisclosed

StrategicInvestment by

We advised IMI

$8MM


Semiconductor Business

Acquisition of

$140MM

Acquisition of


$400MM

Acquired by


Undisclosed

Sale of IP Assets to


$65MM


Sale of

to

Undisclosed


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


Undisclosed

Acquired by


Undisclosed

Acquired by


Undisclosed

Sale of IPPortfolio to


Undisclosed

Acquisition of

A wholly-owned subsidiary of

Zhuhai, China facility of

We advised the BuyerUndisclosed

Sale of Semiconductor Automatic Test

Equipment Assets to


$20MM


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


Undisclosed

Joint Venture Agreement with

We advised DNP

$1.1Bn

Acquired by


Undisclosed $70MM


Acquisition ofSale of Mass Flow

Controller and Related Product Lines to


$44MM

Sale of Semiconductors Encapsulating Materials

Business to


Undisclosed

Divestiture ofInstrumentation

Division to


Undisclosed

Acquisition of


$66MM

Acquisition of


$850MM


Undisclosed

Acquired by


Acquisition of Semiconductor System Level Test Business from

$215MM

Date post:	30-Sep-2020
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GCA Semiconductor Sector Report · SEMICONDUCTOR SECTOR REPORT Q4 2018. 2 DEAL DASHBOARD Notes:...

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