Xperi to sell its AutoSense in-cabin safety business to Tobii AB

Xperi announced it has entered into a definitive agreement to sell its AutoSense in-cabin safety business and related imaging solutions to Tobii AB, an eye tracking and attention computing company based in Sweden listed on the Stockholm Nasdaq exchange. Sale proceeds of $42.7M are comprised of a senior secured promissory note in the principal amount of approximately $27.7M carrying a fixed rate of 8% interest to be repaid by Tobii in three annual installments beginning in 2027, and an aggregate of $15M in future cash payments scheduled to be received over four years beginning in 2028. In addition, there is potential incremental contingent cash consideration paid in 2031 directly tied to the success of Tobii’s in-cabin safety business over the next seven years. The transaction is subject to customary closing conditions and is expected to close within 30 days. The estimated impact on 2024 revenue is approximately $30M and the transaction is expected to be modestly accretive to Adjusted EBITDA upon closing. The Company expects to issue FY24 guidance in February. Centerview Partners LLC served as exclusive financial advisor for Xperi, and DLA Piper LLP acted as legal advisor.