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Mon February 24, 2014
RF Micro Devices Announces Merger That Would Create $2 Billion Company
Greensboro-based electronic chip maker RF Micro Devices Inc. announced a major merger Monday. The company is buying Oregon-based TriQuint Semiconductor. It’s an all-stock deal valued at more than $1.5 billion. The merged company will have combined revenues of more than $2 billion.
Under terms of the deal, RF Micro’s CEO and President Bob Bruggeworth would hold the same titles in the new company and would also serve as a board member. Both companies make components for mobile devices.
In a conference call, TriQuint CEO Ralph Quinsey says the new company will be able to meet the demands of mobile-device makers more efficiently.
By combining, the companies can save an estimated $150 million over the next two years. Journalist Justin Catanoso has been covering RF Micro for about 20 years. He says the company’s significance to the Triad economy cannot be overstated.
The combined company will have a new name, which hasn’t been announced. Bruggeworth says the deal is expected to close in the second half of the year.