OmniVision Technologies Inc., whose camera sensors have been used in Apple Inc.’s iPhone, said it agreed to be acquired for about $1.9 billion by a group of Chinese investors.

A consortium that includes Hua Capital Management Co., a Beijing-based private-equity firm, will pay $29.75 a share in cash, Santa Clara, California-based OmniVision said in a statement Thursday. Citic Capital Holdings Ltd. and GoldStone Investment Co. are also members of the consortium. Bloomberg reported Wednesday that OmniVision and Hua Capital were near a deal.

OmniVision Chief Executive Officer Shaw Hong, also known as Hong Xiaoying, is expected to remain in his position, the company said.

The company’s shares rose 5.6 percent to $28.03 at 9:38 a.m. New York. OmniVision shares had gained 2.1 percent this year through Wednesday, valuing the company at $1.54 billion.

Chinese buyers are using takeovers to acquire chip capabilities. Last year, a Beijing-based university led the acquisition of Spreadtrum Communications Inc., a designer of chips used to connect smartphones to cellular networks.

Bloomberg reported in September that Hua Capital had hired Bank of America Corp. to provide funding for its bid. In August, OmniVision announced it had received an unsolicited offer from the investor group led by Hua Capital.

OmniVision was founded by Hong, a Chinese immigrant, and has a number of Chinese- and Taiwan-educated managers among its senior ranks.

Gibson Dunn & Crutcher LLP advised the consortium of Hua Capital, CITIC Capital and GoldStone. The law firm’s team is led by Beijing corporate partners Fang Xue and Joseph Barbeau. The team also includes Palo Alto, California-based associates Arsineh Ananian, Linda Dang, Mia Lee,  David Ortenberg and James Ren.  

 

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