Electronics Production | September 05, 2005
Powerwave complete purchase<br> of selected assets of REMEC
Powerwave Technologies, Inc. today announced it has completed the purchase of selected assets and liabilities of REMEC Inc.'s Wireless Systems Business, including its RF conditioning, filter, tower-mounted amplifier and RF power amplifier product lines.
Powerwave paid a purchase price consisting of 10 million shares of Powerwave common stock and $40 million in cash, which is subject to certain post-closing adjustments. $15 million of the purchase price has been deposited into an escrow to cover any potential indemnification claims. Based on Powerwave's closing stock price on Thursday, September 1, 2005, the transaction value is approximately $144.7 million. "We believe that our purchase of REMEC's Wireless Systems Business enhances our ability to deliver leading-edge wireless solutions," stated Ronald J. Buschur, President and Chief Executive Officer of Powerwave. "This acquisition further strengthens one of the broadest portfolios of products and services in the wireless industry, while improving our position in both the OEM and network operator channels." This strategic acquisition strengthens Powerwave's market leading position in both antenna and base station solutions, as well as broadens Powerwave's RF conditioning and filter product portfolio. In addition, this acquisition adds over 90 US and international patents to Powerwave's intellectual property portfolio. The product lines acquired had a trailing 12-month revenue run rate for calendar year 2004 of approximately $250 million.
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