“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 defense applications,” says Qorvo CEO Bob Bruggeworth.
The combined company is expected to deliver annual sales of $2.1 billion and its share price values Qorvo at $10 billion. At the time the deal was announced last February the combined market value of the two companies was $3 billion.
Former shareholders of RFMD and TriQuint will each own approximately 50 percent of Qorvo.
The merger is expected to achieve $75 million in annualised cost synergies by the end of the first year after the merger and an additional $75 million by the end of the second year.
Mentor CEO Wally Rhines will sit on on the Qorvo board.
Although Triquint, which spun off from Tektronix in 1985, had a good year last year, at the beginning of 2014 it was struggling after two years of losses and an activist shareholder was threatening to break the company up. The merger with RFMD was arranged to stop this happening.
Faced with overcapacity, Qorvo will have to decide whether to close RFMD’s fab in North Carolina or Triquint’s fab in Oregon. The board has said it will not close either fab before 2017.
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