Milpitas-based California Micro Devices, a manufacturer of power protection ICs and components, has been acquired by ON Semiconductor, ON said today. ON said it is paying approximately $108M in cash, or $4.70 per share, for California Micro Devices. ON Semiconductor said the deal will "significantly strengthen" the firm's offerings in application specific, integrated passive devices for protecting products in the wireless, computing and consumer electronics markets. ON Semi was advised by GCA Savvian Advisors in the deal, with DLA Piper US LLP providing legal counsel. California Micro Devices was represented by Pillsbury Winthrop Shaw Pittman LLP, with a fairness opinion from Needham & Company LLC.