On December 21, 2016, InvenSense, Inc., a Delaware corporation entered into a merger agreement with TDK Corporation, a company organized under the laws of Japan, and its wholly owned subsidiary, TDK Sensor Solutions Corporation, a Delaware corporation, whereby InvenSense will merge into TDK Sensor Solutions and become a wholly-owned subsidiary of TDK Corporation for a total acquisition price of US$1.3 billion. (See InvenSense, Form 8-K, Dec. 21, 2016, SEC Filing; Joint Press Release,Form 8-K, Ex-99.2, Dec. 21, 2016, SEC Filing.) Committee on Foreign Investment in the United States (CFIUS) approval is a condition precedent to the merger. (SeeAgreement and Plan of Merger, Section 9.01(d), InvenSense, Form 8-K, Ex-2.1, Dec. 21, 2016, SEC Filing.)
InvenSense is a provider of motion sensor solutions, and TDK Corporation is a major electronics company. (See Joint Press Release, Form 8-K, Ex-99.2, Dec. 21, 2016, SEC Filing.) “The acquisition will enable TDK to combine InvenSense’s advanced suite of sensor and software platforms with its wide-ranging portfolio of magnetic, pressure, temperature, and microphone sensors.” (Id.)
Status: Upcoming Filing/New
Acquirer: TDK Corporation (Japan)
Acquired: InvenSense, Inc. (U.S.)
Value: Approx. US$1.3 billion
Industry: Information Technology