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ON Semiconductor to acquire Fairchild for USD 2.4 bln
2015-11-18 15:20:00| Telecompaper Headlines
(Telecompaper) The latest move in the consolidating chip market will see ON Semiconductor acquire Fairchild Semiconductor for USD 2.4 billion cash. ON agreed to pay USD 20 per share for Fairchild, creating a leader in the power semiconductor market with combined revenue of approximately USD 5 billion per year. The new company will serve multiple markets, with a strategic focus on automotive, industrial and smartphones. ON said the takeover will add immediately to adjusted EPS and free cash flow, excluding any one-time acquisition-related charges. The company expects to achieve annual cost savings of USD 150 million within 18 months of closing the transaction. The company has secured a new credit line of USD 2.4 billion to help finance the deal, along with cash on hand. The debt financing commitment also includes provisions for a USD 300 million revolving credit facility, which will be undrawn at close. ON Semiconductor also said it remains committed to its share repurchase program, and the agreed upon financing provides flexibility to continue share repurchases going forward. Pending regulatory approval, the transaction is expected to close late in Q2 2016.
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Fitness wearables market to hit USD 10 bln in 5 years
2015-11-17 13:27:00| Telecompaper Headlines
(Telecompaper) The fitness wearables market is projected to treble to over USD 10 billion of hardware revenue by 2020, compared to an estimated USD 3.3 billion this year, according to Juniper Research. The growth will be largely driven by sales of wrist-based trackers, while hundreds of thousands of connected garments used by professional sports teams will showcase the most advanced capabilities in areas such as tracking. The NFL and others have partnered with Microsoft and Zebra Technologies for live data visualisation and new ways for fans to understand games. Devices offering heart-rate tracking, blood-oxygen levels and other advanced fitness tracking capabilities are becoming more popular. Juniper sees a potential risk if too few compelling wearable apps reach market. Biometrics could become part of athletes' contracts and play a role in hiring practices, according to research author James Moar, who said clear boundaries are needed for data ownership and use, with opt-out provisions.
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Fossil Group buys Misfit for USD 260 mln
2015-11-13 09:01:00| Telecompaper Headlines
(Telecompaper) The Fossil Group has agreed to acquire Misfit, a maker of wearable and smart home products, for USD 260 million, the Wall Street Journal reported. The Fossil Group said it will start integrating Misfit technology into products resembling traditional watches as early as next year. Sonny Vu, the CEO and co-founder of Misfit, will become the president and CTO of connected devices for the Fossil Group when the deal completes, expected before the end of the year.
Toyota to invest USD 1 bln into AI, robotics
2015-11-09 11:13:00| Telecompaper Headlines
(Telecompaper) Toyota said it will make an initial investment of USD 1 billion over the next five years into the development of artificial intelligence and robotics with the establishment of a new research institute. The new Toyota Research Institute (TRI) R&D enterprise will have its headquarters in Silicon Valley near Stanford University in Palo Alto, California. A second facility will be located near the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts. The new company will begin operations in January. The USD 1 billion will go to the establishment and staffing of the facilities. It comes on top of the USD 50 million investment over the next five years with MIT and Stanford to establish joint fundamental artificial intelligence research centres at each university.
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Vimpelcom posts USD 1 bln loss in Q3 on Uzbekistan provision
2015-11-06 09:06:00| Telecompaper Headlines
(Telecompaper) Vimpelcom reported a net loss of USD 1.005 billion for the third quarter, versus a profit of USD 105 million a year earlier, due to a provision of USD 900 million for possible damages from the pending investigation into its Uzbekistan activities. Underlying results were also under pressure from negative currency effects and difficult economic conditions in some of the Russian company's markets. Revenues fell 31 percent to USD 2.442 billion, and EBITDA was down 96 percent to USD 58 million. On an organic basis excluding currency effects, Vimpelcom said revenues were up 2 percent, while EBITDA excluding one-time items was down just 1 percent. The new CEO Jean-Yves Charlier said the company was sticking to its financial targets as the transformation programme started earlier this year makes progress. The company will give more details on its strategy at the full-year results penetration next year, he said. For 2015, Vimpelcom forecasts service revenue flat to a single-digit decline, the underlying EBITDA margin flat to minus 1 percent point, and capital expenditure excluding licence fees at 18-20 percent of revenue. In the first nine months of the year, service revenue was flat, the underlying EBITDA margin fell 1.2 percent points to 41.3 percent, and capital expenditure nearly halved to USD 1.137 billion, or 15.5 percent of revenue. Operating cash flow in the nine months was down 23 percent year-on-year to USD 1.887 billion, but Vimpelcom said it will pay a dividend of USD 0.035 per share in December.
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