Hogan Lovells Representd indie Semiconductor to acquire GEO Semiconductor
The transaction is expected to close in the first quarter of the year
Global law firm Hogan Lovells has represented indie Semiconductor, an Autotech solutions innovator, to purchase GEO Semiconductor Inc., a market leader in video processors for automotive cameras.
indie's acquisition of GEO, a private fabless semiconductor supplier, adds immediate scale to the former's image processing program. It enables true sensor fusion of radar, Lidar, ultrasound and computer vision solutions in advanced driver-assistance systems (ADAS) applications.
indie will pay $180 million to GEO debt and equity holders at closing, comprising $90 million in cash and approximately 12 million indie Class A common shares, based on a 20-day VWAP.
Also, if certain performance targets exceed over an 18-month post-closing period, there will be an opportunity for such holders to earn up to $90 million more in equity, collared between $8.50 and $11.50 per INDI Class A common share. The transaction has been approved by the boards of directors of both indie and GEO.
Underpinned by roughly 100 global patents, GEO's industry-leading, camera-based sensing and viewing capabilities are shipped to some of the world's largest automotive OEMs, including Honda, Hyundai, Kia, Nissan, and Toyota.
Image processing systems play an increasingly critical role in ADAS applications with more than 20 cameras on board next-generation vehicles serving different functions from the object and lane detection, to surround view, night vision, and driver and occupant monitoring.
The Hogan Lovells core deal team included M&A partners Keith Flaum (Silicon Valley) and Adrienne Ellman (New York), partner Richard Aftanas (securities & public company advisory, New York), M&A counsel Matthew Bowles (Washington DC), senior associate Roberto Cortinas (securities & public company advisory, New York), and associate Peter Lattanzio (corporate & finance, Washington DC).