MACOM Announces Definitive Agreement to Acquire the RF Business of Wolfspeed, Inc.
22 Agosto 2023 - 7:00AM
Business Wire
MACOM Technology Solutions Holdings, Inc. (“MACOM”) (NASDAQ:
MTSI), a leading supplier of semiconductor products, today
announced that it has entered into a definitive agreement to
acquire the radio frequency (“RF”) business (the “RF Business”) of
Wolfspeed, Inc. (“Wolfspeed”). The RF Business includes a portfolio
of Gallium Nitride (“GaN”) on Silicon Carbide (“SiC”) products used
in high performance RF and microwave applications. The business
services a broad customer base of leading aerospace, defense,
industrial and telecommunications customers and most recently
generated annualized revenues of approximately $150 million. The
acquisition is expected to be immediately accretive to MACOM’s
non-GAAP earnings.
“We are excited to acquire Wolfspeed’s RF Business and look
forward to welcoming its employees to MACOM,” stated Stephen G.
Daly, President and Chief Executive Officer, MACOM. “The RF team’s
engineering capabilities, technology and products are a perfect fit
with MACOM and our strategy.”
The acquisition includes a 100mm GaN wafer fabrication facility
in Research Triangle Park, North Carolina (the “RTP Fab”) with
operations conveying to MACOM approximately two years following the
closing and Wolfspeed’s relocation of certain production equipment.
The acquisition also includes design teams and associated product
development assets in Arizona, California and North Carolina, as
well as back-end production capabilities in California and
Malaysia. In addition, MACOM will be assigned or licensed a robust
intellectual property portfolio including over 1,400 patents
associated with the RF Business.
The RF Business will be acquired for $125 million, including $75
million cash paid at closing and $50 million of MACOM common stock
issued with certain restrictions. A workforce of approximately 280
employees is expected to join MACOM at closing, with additional
employees joining when the RTP Fab conveys.
Closing of the transaction is subject to the expiration of a
waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 and other closing conditions and is expected to occur
in the second half of calendar year 2023.
Conference Call
MACOM will host a conference call on Tuesday, August 22, 2023,
at 8:30am Eastern Time to discuss the transaction. Investors and
analysts may visit MACOM’s Investor Relations website at
https://ir.macom.com/events-webcasts to register for a
user-specific access code for the live call or to access the live
webcast. A replay of the call will be available within 24 hours and
remain accessible by all interested parties for approximately 90
days.
About MACOM
MACOM designs and manufactures high-performance semiconductor
products for the Telecommunications, Industrial and Defense and
Datacenter industries. MACOM services over 6,000 customers annually
with a broad product portfolio that incorporates RF, Microwave,
Analog and Mixed Signal and Optical semiconductor technologies.
MACOM has achieved certification to the IATF16949 automotive
standard, the ISO9001 international quality standard and the
ISO14001 environmental management standard. MACOM operates
facilities across the United States, Europe, Asia and is
headquartered in Lowell, Massachusetts. To learn more visit
www.macom.com.
About Wolfspeed
Wolfspeed (NYSE: WOLF) leads the market in the worldwide
adoption of Silicon Carbide and GaN technologies. We provide
industry-leading solutions for efficient energy consumption and a
sustainable future. Wolfspeed’s product families include Silicon
Carbide materials, power devices and RF devices targeted for
various applications such as electric vehicles, fast charging, 5G,
renewable energy and storage, and aerospace and defense. We unleash
the power of possibilities through hard work, collaboration and a
passion for innovation. Learn more at www.wolfspeed.com.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements based on
MACOM management’s beliefs and assumptions and on information
currently available to our management. These forward-looking
statements include, among others, statements about the potential
market opportunity resulting from the acquisition of the RF
Business, the RF Business’ capabilities, technology and products
and associated business strategy, MACOM’s ability to better address
certain markets, expand its capabilities and position in the
semiconductor industry and extend its product offerings to better
serve our customers, as well as the potential financial benefits
derived by and financial impact to MACOM from the acquisition.
These forward-looking statements reflect MACOM’s current views
about future events and are subject to risks, uncertainties,
assumptions and changes in circumstances that may cause those
events or our actual activities or results to differ materially
from those indicated by the forward-looking statements, including,
among other things, risks related to the ability of MACOM to
realize the anticipated benefits of the transaction, MACOM’s
ability to successfully supply, market and distribute its products
and other business effects, including the effects of industry,
market, economic, political or regulatory conditions, and those
other factors described in “Risk Factors” in MACOM’s filings with
the Securities and Exchange Commission (“SEC”), including its
Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and
other filings with the SEC. These forward-looking statements speak
only as of the date of this press release, and MACOM undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
Use of Forward-Looking Non-GAAP Financial Measures
In addition to United States Generally Accepted Accounting
Principles (“GAAP”) reporting, MACOM provides investors with
financial measures that have not been calculated in accordance with
GAAP, including non-GAAP earnings. This non-GAAP information
excludes the effect, where applicable, of intangible amortization
expense, share-based compensation expense, non-cash interest,
acquisition and integration related costs, equity method investment
gains and losses and the tax effect of each non-GAAP adjustment.
Management believes these excluded items are not reflective of our
underlying performance and uses these non-GAAP financial measures
to: evaluate our ongoing operating performance and compare it
against prior periods, make operating decisions, forecast future
periods, evaluate potential acquisitions, compare our operating
performance against peer companies and assess certain compensation
programs. We believe this non-GAAP financial information provides
additional insight into our ongoing performance and have therefore
chosen to provide this information to investors to help them
evaluate the results of our ongoing operations and enable more
meaningful period-to-period comparisons. These non-GAAP measures
are provided in addition to, and not as a substitute for, or
superior to, measures of financial performance prepared in
accordance with GAAP.
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version on businesswire.com: https://www.businesswire.com/news/home/20230822068326/en/
MACOM Technology Solutions Holdings, Inc. Stephen
Ferranti Vice President, Strategic Initiatives and Investor
Relations P: 978-656-2977 E: stephen.ferranti@macom.com
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