ON Semiconductor announced that it has reached a definitive agreement to acquire Quantenna for $24.50 per share in cash and a total price of $1.07 billion. According to reports, the acquisition significantly enhances ON Semiconductor’s connectivity portfolio, incorporating Quantenna’s industry-leading Wi-Fi technology and software capabilities into ON Semiconductor.

“We are very pleased to welcome Quantenna to the ON Semiconductor team. The acquisition of Quantenna is an important step in strengthening our position in the industrial and automotive markets. By combining Quantenna’s industry-leading Wi-Fi technology and software expertise platform, we can enhance our strength in the low-power connectivity market in fast-growing industrial and automotive applications. I am very excited about the opportunity created by the acquisition of the customers, shareholders and employees of the two companies.” said Keith Jackso, President and CEO of ON Semiconductor.