Hogan Lovells represents indie Semiconductor in deal to acquire GEO Semiconductor

indie’s acquisition of GEO, a private fabless semiconductor supplier, adds immediate scale to indie’s Image Processing program and enables true sensor fusion of Radar, LiDAR, Ultrasound and Computer Vision solutions in advanced driver-assistance systems (ADAS) applications. The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.

Subject to the terms and conditions of the definitive agreement, indie will pay $180 million in the aggregate to GEO debt and equity holders at closing, comprised of $90 million in cash plus approximately 12 million indie Class A common shares, based on a 20-day VWAP. In addition, if certain performance targets are exceeded over an 18-month post-closing period, there is 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 object and lane detection, to surround view, night vision and driver and occupant monitoring.

More information regarding the transaction can be found here.

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, D.C.), senior associate Roberto Cortinas (Securities & Public Company Advisory – New York), and associate Peter Lattanzio (Corporate & Finance – Washington, D.C.).