RF Micro Devices to acquire Amalfi Semiconductor

RF Micro Devices has announced a definitive agreement to acquire Amalfi Semiconductor, a 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