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RFMD, TriQuint merger successfully creates Qorvo

Posted: 06 Jan 2015 ?? ?Print Version ?Bookmark and Share

Keywords:RFMD? TriQuint? Qorvo? RF?

RF Micro Devices Inc. (RFMD) and TriQuint Semiconductor Inc. have completed their merger to form Qorvo, which has begun trading on the NASDAQ Global Stock Market. As a result of the merger, which is intended to qualify as a tax-free reorganisation, TriQuint shareholders will receive 1.675 shares of Qorvo and RFMD shareholders will receive one share of Qorvo for each TriQuint or RFMD share held, and a one-for-four reverse stock split was effected at closing. Former shareholders of RFMD and TriQuint will each own about 50 per cent of Qorvo.

"This is an important milestone for our company, employees, customers, shareholders and our industry," said Qorvo president and CEO Bob Bruggeworth. "Qorvo brings under one roof all the critical RF building blocks needed to simplify design, reduce size and conserve power, while improving system performance across mobile, infrastructure, and aerospace and defence applications. Our goal is to build the most valuable company in our space, and the global Qorvo team is eager to deliver the value our stakeholders expect."

The merger is expected to achieve at least $150 million in cost synergies; $75 million in annualised synergies exiting the first year after closing and an additional $75 million exiting the second year. The transaction is expected to be accretive to non-GAAP EPS in the first full fiscal year following the merger.

Qorvo's new 10-member board of directors includes four independent directors from each of the RFMD and TriQuint boards: Daniel A. DiLeo, Jeffery R. Gardner, John R. Harding, Charles Scott Gibson, David H.Y. Ho, Roderick D. Nelson, Walden C. Rhines and Walter H. Wilkinson, Jr. The board also includes Qorvo president and CEO Bob Bruggeworth and former TriQuint CEO Ralph Quinsey, who will serve as non-executive chair.

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