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© mikael-damkier-dreamstime.com Business | February 24, 2014

RF Micro Devices and TriQuint to become one

Radio frequency chipmakers, RF Micro Devices and TriQuint Semiconductor, has entered into a definitive merger agreement under which the companies will combine in an all-stock transaction.
To reflect the nature of this transaction as a merger of equals, the new company will have a new name and shared leadership team. The boards of directors of both RFMD and TriQuint have unanimously approved the transaction.

The merger will create new growth opportunities in three large global markets: mobile devices, network infrastructure and aerospace/defense.

"The world's demand for mobile data is growing exponentially," said RFMD CEO and President Bob Bruggeworth. "The combination of TriQuint and RFMD creates a new leader in RF solutions with expertise in mobile devices and complex infrastructure and global defense applications. With this merger of equals, we will bring under one roof all of the critical RF building blocks necessary to innovate at the heart of what makes mobile mobile - the crucial back-and-forth data flow between the mobile device and the network. We will harness this innovation for the benefit of all our customers - from mobile to infrastructure to defense."

"I believe this is an industry shaping event," said TriQuint CEO Ralph Quinsey. "Through this combination of RFMD and TriQuint we form a diversified market leader with a highly compatible combination of products and technologies and a world class team focused on innovation and superior financial results. The alignment of culture between the two companies and the well matched products, capabilities and technologies will create compelling new opportunities."

The new company will have a shared leadership team. TriQuint CEO Ralph Quinsey will serve as non-executive Chairman, and RFMD CEO Bob Bruggeworth will serve as Chief Executive Officer.
TriQuint CFO Steve Buhaly will serve as Chief Financial Officer and RFMD CFO Dean Priddy will serve as Executive Vice President of Administration, reporting to the CEO and responsible for integration and synergy value creation.

The transaction is expected to close in the second half of calendar 2014.
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