BelGaN Group, a provider of automotive semiconductors, completed the acquisition of ON Semiconductor Belgium, a semiconductor company. Financial terms were not disclosed. "GaN is a new generation of semiconductor material for power devices that enables more energy-efficient and faster charging, higher power density and greater energy savings for mobile, industrial, electrical vehicle and renewable energy markets. The global market for GaN power chips is currently estimated at around $100m per year and is expected to accelerate to more than $1bn per year within the next 5 years," Marnix Tack, BelGaN CTO and VP Business Development.