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Indie Semiconductor has entered a definitive agreement to purchase GEO Semiconductor, a market leader in video processors for automotive cameras.
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The acquisition will enable the sensor fusion of various technologies in advanced driver-assistance systems (ADAS) applications.
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GEO's industry-leading camera-based sensing and viewing capabilities are being used by some of the world's largest automotive OEMs.
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Image processing systems are becoming increasingly important in ADAS applications in vehicles.
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IHS forecasts that 265 million camera ECUs will be needed to support the global automotive market in 2023.
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GEO's products include camera video processors for viewing and sensing applications.
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The acquisition will allow Indie to deliver solutions ranging from simple backup cameras to full autonomous driving platforms.
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Indie will pay $180 million in the aggregate to GEO equity and debt holders, which includes $90 million in cash and approximately 12 million Class A common shares.
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The transaction has been approved by the boards of directors of both companies and is expected to be accretive to 2023 non-GAAP earnings per share.
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The securities being issued in connection with the transaction have not been registered and may not be resold without registration or exemption from the Securities Act of 1933.