Chinese consortium to buy OmniVision Technologies for t $1.9 bn

A consortium of Chinese investors today struck a deal to buy OmniVision Technologies Inc, a maker of chips for smartphone and video cameras, for about $1.9 billion in cash.

Chinese private equity firms Hua Capital Management Co, CITIC Capital Holdings, and GoldStone Investment Co will pay $29.75 per share, a premium of 12 per cent to OmniVision yesterday closing price on the Nasdaq.

OmniVision develops advanced digital imaging solutions. Its CMOS imaging technology enables superior image quality in many of today's consumer and commercial applications, including mobile phones, notebooks, netbooks and webcams, security and surveillance, entertainment, digital still and video cameras, automotive and medical imaging systems.

The Santa Clara, California-based company supplies Apple with the back-illuminated CMOS sensor for the iPhone 4's backside camera and has shipped over 4.8 billion CMOS image sensors worldwide.

OmniVision, which was co-founded in 1995 by Chinese immigrant and current CEO Hong Xiaoying, reported revenues of $1.45 billion last year.