Press release

ON Semiconductor Completes Acquisition of Quantenna Communications

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ON Semiconductor Corporation (Nasdaq: ON)
(“ON Semiconductor”) announced today that the company has successfully
completed its previously announced acquisition of Quantenna
Communications, Inc. (Nasdaq: QTNA)
(“Quantenna”) for $24.50 per share in an all cash transaction.

“The combination of Quantenna’s industry leading Wi-Fi technologies and
ON Semiconductor’s leadership in power and analog semiconductors,
coupled with the combined company’s broad sales and distribution reach,
creates a formidable platform to address connectivity applications in
industrial, automotive, and carrier markets,” said Keith Jackson,
president and chief executive officer of ON Semiconductor. “I am pleased
to welcome the employees of Quantenna to ON Semiconductor, and I look
forward to the opportunities this acquisition will create for our
customers, shareholders, and employees.”

Quantenna will be integrated into ON Semiconductor’s Analog Solutions
Group, headed by Vince Hopkin.

About ON Semiconductor

ON Semiconductor (Nasdaq: ON) is driving energy efficient innovations,
empowering customers to reduce global energy use. The Company is a
leading supplier of semiconductor-based solutions, offering a
comprehensive portfolio of energy efficient power management, analog,
sensors, logic, timing, connectivity, discrete, SoC, and custom devices.
The Company’s products help engineers solve their unique design
challenges in automotive, communications, computing, consumer,
industrial, medical, aerospace, and defense applications. ON
Semiconductor operates a responsive, reliable, world-class supply chain
and quality program, a robust compliance and ethics program, and a
network of manufacturing facilities, sales offices, and design centers
in key markets throughout North America, Europe, and the Asia Pacific
regions. For more information, visit

ON Semiconductor and the ON Semiconductor logo are registered
trademarks of Semiconductor Components Industries, LLC. All other brand
and product names appearing in this document are registered trademarks
or trademarks of their respective holders. Although the Company
references its website in this news release, information on the website
is not to be incorporated herein.

Cautions regarding Forward-Looking Statements

This document contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, statements
related to: the expectation that the combination of Quantenna and ON
Semiconductor creates a formidable platform to address connectivity
applications in industrial and automotive end-markets; and the
anticipated opportunities the acquisition will create for ON
Semiconductor’s customers, shareholders, and employees. These
forward-looking statements are based on information available to us as
of the date of this release and current expectations, forecasts and
assumptions and involve a number of risks and uncertainties that could
cause actual results to differ materially from those anticipated by
these forward-looking statements. Such risks and uncertainties include a
variety of factors, some of which are beyond our control. In particular,
such risks and uncertainties include, but are not limited to: the risk
that there may be a material adverse change of ON Semiconductor or
Quantenna, or our respective businesses may suffer as a result of
uncertainty surrounding the transaction; the transaction may involve
unexpected costs or liabilities; difficulties encountered in integrating
Quantenna, including the potentially accretive and synergistic benefits;
difficulties leveraging desired growth opportunities and markets; the
possibility that expected benefits and cost savings may not materialize
as expected; our revenue and operating performance; economic conditions
and markets (including current financial conditions); risks related to
our ability to meet our assumptions regarding outlook for revenue and
gross margin as a percentage of revenue; effects of exchange rate
fluctuations; the cyclical nature of the semiconductor industry; changes
in demand for our products; changes in inventories at our customers and
distributors; technological and product development risks; enforcement
and protection of our intellectual property rights and related risks;
risks related to the security of our information systems and secured
network; availability of raw materials, electricity, gas, water and
other supply chain uncertainties; our ability to effectively shift
production to other facilities when required in order to maintain supply
continuity for our customers; variable demand and the aggressive pricing
environment for semiconductor products; our ability to successfully
manufacture in increasing volumes on a cost-effective basis and with
acceptable quality for our current products; risks associated with other
acquisitions and dispositions, including our ability to realize the
anticipated benefits of our acquisitions and dispositions; risks that
acquisitions or dispositions may disrupt our current plans and
operations, the risk of unexpected costs, charges or expenses resulting
from acquisitions or dispositions and difficulties arising from
integrating and consolidating acquired businesses, our timely filing of
financial information with the SEC for acquired businesses and our
ability to accurately predict the future financial performance of
acquired businesses; competitor actions, including the adverse impact of
competitor product announcements; pricing and gross profit pressures;
loss of key customers or distributors; order cancellations or reduced
bookings; changes in manufacturing yields; control of costs and expenses
and realization of cost savings and synergies from restructurings;
significant litigation; risks associated with decisions to expend cash
reserves for various uses in accordance with our capital allocation
policy such as debt prepayment, stock repurchases or acquisitions rather
than to retain such cash for future needs; risks associated with our
substantial leverage and restrictive covenants in our debt agreements
that may be in place from time to time; risks associated with our
worldwide operations, including changes in trade policies, foreign
employment and labor matters associated with unions and collective
bargaining arrangements, as well as man-made and/or natural disasters
affecting our operations or financial results; the threat or occurrence
of international armed conflict and terrorist activities both in the
United States and internationally; risks of changes in U.S. or
international tax rates or legislation, including the impact of the
recent U.S. tax legislation; risks and costs associated with increased
and new regulation of corporate governance and disclosure standards;
risks related to new legal requirements; risks associated with the
addition of Huawei Technologies Co., Ltd. and its non-U.S. affiliates
and subsidiaries to the U.S. Department of Commerce, Bureau of Industry
Security Entity List; and risks involving environmental or other
governmental regulation. Information concerning additional factors that
could cause results to differ materially from those projected in the
forward-looking statements is contained in ON Semiconductor’s Annual
Report on Form 10-K for the year ended December 31, 2018, filed with the
SEC on February 20, 2019, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other of ON Semiconductor’s filings with the
Securities and Exchange Commission. These forward-looking statements are
as of the date hereof and should not be relied upon as representing our
views as of any subsequent date, and we do not undertake any obligation
to update forward-looking statements to reflect events or circumstances
after the date they were made, except as may be required by law. For
additional information, visit ON Semiconductor’s corporate website,,
or for official filings visit the SEC website,