RFMD to acquire competitor Sirenza
GREENSBORO - A merger agreement between RF Micro Devices Inc. and Sirenza Microdevices could create the world's largest company dealing with radio frequency components for cell phones and other wireless devices.
Greensboro-based RFMD announced today that it has signed a merger agreement with Broomfield, Colo.-based Sirenza. The approximately $900-million deal - $300 million in cash with the balance in stock - has been approved by the boards of both companies and is expected to close by Dec. 29. It is subject to shareholder and regulatory approval.
RFMD President and CEO Bob Bruggeworth will remain at the helm of the combined company. Bob Van Buskirk, president and chief executive officer at Sirenza, will relocate to North Carolina and lead RFMD's new multi-market products group. After the deal closes, the combined company's board likely will include nine members from RFMD and only two from Sirenza.
"Our two businesses are highly complementary in terms of customers, markets, products and manufacturing expertise, and our combination will create an RF market leader with breadth, scale and capabilities that are unrivalled," Bruggeworth said in a news release.
Sirenza has operations in China, Germany and the United States and develops wireless components for consumers, along with equipment for aerospace, defense and homeland security.
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