Navitas accelerates AI power push with Claros acquisition worth up to $232.8 million

Navitas Semiconductor has agreed to acquire Claros Inc. for up to approximately $232.8 million, a deal designed to position the chipmaker as a dominant force in powering AI data centers from the electrical grid all the way down to the processor. The transaction, announced on August 24, would more than double Navitas’ serviceable addressable market if the integration goes according to plan. Navitas already makes gallium nitride (GaN) and silicon carbide (SiC) chips that handle power conversion. Claros specializes in the last stretch of power delivery, the voltage regulation and power distribution technologies that sit right next to the AI processors doing the actual computation. Combine them, and you get a company that can offer what Navitas calls a “grid-to-xPU” power platform. Deal structure and timeline The acquisition breaks down into two pieces. About $216 million is payable at closing through a combination of cash and Navitas shares. The remaining balance, up to roughly $16.8 million, hinges on performance milestones that will play out over the next two years. Select continuing employees from Claros will be eligible for approximately $28.9 million in performance-based stock co...