ON Semiconductor Announces Sale of Shares by Texas Pacific Group

ON Semiconductor Corp. announced that the Texas Pacific Group’s TPG Advisors II Inc., ON Semiconductor’s largest shareholder, has sold 45 million shares of ON Semiconductor’s common stock in a registered public offering underwritten by Lehman Brothers Inc.

After completion of the proposed offering, TPG’s beneficial ownership of the company’s common stock would be reduced from approximately 33% or 95 million shares, to approximately 18% or approximately 50 million shares. This sale was made pursuant to ON Semiconductor’s existing shelf registration statement. ON Semiconductor will not receive any proceeds from this sale of its common shares.