Indie Semiconductor acquires Exalos AG for $45M

indie Semiconductor announced it has entered into a definitive agreement and completed the acquisition of privately held EXALOS AG, a Swiss photonics company, specializing in the design of high-performance optical semiconductors. Subject to the terms and conditions of the definitive agreement, indie paid approximately $45 million to EXALOS equity holders comprised of 6.6 million indie Class A common shares. In addition, if certain revenue-based performance targets are exceeded over a 24-month post-closing period, there is an opportunity for such holders to earn up to $20 million more in cash or indie Class A common shares, at indie’s election. The transaction has been approved by the boards of directors of both indie and EXALOS. The acquisition is expected to be financially neutral in 2023 and accretive to indie’s 2024 results.