Littelfuse, Inc., Chicago, said it has a definitive agreement to acquire IXYS Corp., Milpitas, CA, a maker of medium and high-voltage power control semiconductors, for $750 million in cash and stock. The combined company is expected to have annual revenues of approximately $1.5 billion.
IXYS is a global manufacturer in power semiconductor and integrated circuit markets with a focus on medium to high voltage power control semiconductors across the industrial, communications, consumer and medical markets. A Littelfuse release said IXYS has a broad customer base, serving more than 3,500 customers through a direct salesforce and global distribution partners. IXYS reported revenues of $322 million in its fiscal 2017 with an adjusted EBITDA margin of approximately 13.5%.
Littelfuse said the acquisition gives it a broader technology platform and capability to expand growth into industrial and electronics markets and a stronger offering for automotive markets as well as expanded intellectual property related to high voltage and silicon carbide semiconductor technologies. The deal also expands Littelfuse’s relationships with electronics distributors that will facilitate cross-selling of its lines.
“As the largest acquisition in our 90-year history, this is an exciting milestone for Littelfuse,” said Dave Heinzmann, president and CEO, Littelfuse, in the release. “IXYS’ extensive power semiconductor portfolio and technology expertise fit squarely within our strategy to accelerate our growth within power control and industrial OEM markets. The combination of Littelfuse and IXYS unites complementary capabilities, cultures and relationships.”