RF Micro Devices(R) to Accelerate Growth in Entry-Level Smartphone Segment Through Acquisition of Amalfi Semiconductor
GREENSBORO, N.C., Nov. 5, 2012 (GLOBE NEWSWIRE) -- RF Micro Devices, Inc. (RFMD), a global leader in the design and manufacture of high-performance radio frequency components, announced today a definitive agreement to acquire Amalfi Semiconductor (Amalfi), a leading fabless semiconductor company specializing in cost effective, high performance RF and mixed-signal ICs for the rapidly growing entry-level smartphone market.
RFMD intends to significantly accelerate the market adoption of Amalfi's RF CMOS and mixed-signal ICs by combining Amalfi's targeted product portfolio and proprietary RF CMOS and mixed-signal expertise with RFMD's deep customer relationships, broad product portfolio, extensive in-house manufacturing scale, and robust global supply chain.
Bob Bruggeworth, president and CEO of RFMD, said, "The acquisition of Amalfi is consistent with RFMD's strategy of matching the most appropriate process technology to each customer's performance and cost requirements. Amalfi's proprietary RF and mixed-signal expertise in RF CMOS are a great fit for RFMD and a strong addition to our long-term technology strategy. RFMD gives Amalfi the global presence, market credibility, manufacturing scale, and blue--chip customer access to take their business to the next phase of growth."
Mark Foley, CEO and president of Amalfi, said, "The addition of Amalfi's RF CMOS PA technology with RFMD's market leadership and significant resources is a powerful combination. We expect the acquisition will accelerate the delivery of new disruptive RF CMOS power amplifiers to the cost-driven entry-level smartphone market. We are excited to be part of the RFMD team."
Under the terms of the agreement, RFMD will acquire Amalfi with cash on hand for total consideration of approximately $47.5 million, net of cash received. RFMD expects to achieve immediate product and cost synergies and anticipates the transaction will be accretive to RFMD's P&L within two quarters.
RFMD will hold a conference call to discuss the acquisition this morning at 8:30 am ET. The conference call will be broadcast live over the Internet and can be accessed by any interested party at http://www.rfmd.com (under "Investors"). A telephone playback of the conference call will be available approximately one hour after the call's completion by dialing 303-590-3030 and entering passcode 4574423.
RF Micro Devices, Inc. is a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies. RFMD's products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the mobile device, wireless infrastructure, wireless local area network (WLAN or WiFi), cable television (CATV)/broadband, Smart Energy/advanced metering infrastructure (AMI), and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world's leading mobile device, customer premises and communications equipment providers.
Headquartered in Greensboro, N.C., RFMD is an ISO 9001-, ISO 14001-, and ISO/TS 16949-certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD's web site at www.rfmd.com .
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CONTACT: RFMD Doug DeLieto VP, Investor Relations 336-678-7088
Source: RF Micro Devices 2012 GlobeNewswire, Inc.