Navitas Semiconductor agreed to acquire Claros for up to approximately $232.8 million, with $216 million to be paid at closing through cash and Navitas Class A common stock based on its August 21 closing price of $12.97.
The remainder will be settled in Navitas stock over the two years following the deal’s expected close before year-end, subject to customary conditions and regulatory approvals. Additional performance-based compensation for Claros employees, valued at about $28.9 million in stock, is also contingent on achieving the same milestones.
Claros, a power management solutions provider founded in 2024, develops vertical power delivery and integrated voltage regulator technology for AI data centers. The acquisition aligns with Navitas’ strategy to expand its GaN and high-voltage SiC portfolio to address AI infrastructure power constraints.
Claros was backed by investors including Red Cell Partners, General Catalyst, Systemiq Capital, and VIPC. Financial advisors to Navitas were Connected Vision Advisors and Needham & Company, with legal representation provided by Cozen O'Connor. DLA Piper advised Claros.
Navitas CEO Chris Allexandre said the combination would "break the AI infrastructure power wall" by integrating Claros’ VPD and IVR technologies with Navitas’ existing offerings. Claros CEO Dan Kultran highlighted the shared commitment to advancing power technologies for AI infrastructure.
The deal targets a serviceable addressable market exceeding $8 billion by 2030, up from $3.5 billion currently, with at least an additional $3.5 billion contribution expected from vertical power delivery and integrated voltage regulator markets.
