- indie Semiconductor ( NASDAQ: INDI ) on Thursday said it would buy GEO Semiconductor for $180 million.
- Shares +6.4% at $8.20 after hours.
- The deal consists of $90 million cash, plus about 12 million in indie class A common shares, based on a 20-day VWAP.
- "Depending upon the closing date, our acquisition of GEO should add at least $40 million to our 2023 revenue base and enable us to accelerate our path to profitability,” CFO Thomas Schiller said.
- The deal allows GEO equity and debt holders to earn up to $90 million more in equity, if certain performance targets are exceeded over an 18-month post-closing period.
- The transaction has been approved by the boards of directors of both indie and GEO.
- indie expects the acquisition to be accretive to 2023 non-GAAP earnings per share.
- indie also said it is reaffirming Q4 2022 guidance, and expects to post 2022 top line growth of 129 percent versus 2021.
For further details see:
indie expands into car camera chip space with GEO acquisition for $180M