Electronics Production | June 12, 2006
Filtronic division sold to Powerwave
Powerwave Technologies, Inc. and UK based Filtronic plc today announced that they have signed a definitive agreement for Powerwave to acquire the majority of Filtronic's Wireless Infrastructure division business for a combination of 20.7 million newly issued shares of Powerwave common stock and $150 million in cash.
The specific product lines included in this proposed transaction comprise transmit/receive filters, integrated remote radio heads and power amplifier products, all for use in commercial wireless infrastructure base station equipment (the "Wireless Infrastructure business"). The proposed acquisition does not include point to point radio backhaul equipment, as well as Filtronic's other divisions, of Compound Semiconductors and Defence Electronics. Ronald J. Buschur, President and Chief Executive Officer of Powerwave, stated: "Our proposed acquisition of the Wireless Infrastructure business of Filtronic will further expand Powerwave's leadership position in the wireless infrastructure marketplace while deepening and strengthening our relationships with our customers. We will be able to significantly expand our transmit and receive filter product lines, as well as complement our existing remote radio head products and RF conditioning products. We are also excited about the opportunity to add one of the premier design and engineering resources in the wireless infrastructure industry along with Filtronic's excellent management capabilities to enhance our global position in both OEM and network operator channels. In addition, we believe that the increased purchasing power from this acquisition will enable Powerwave to achieve significant cost synergies while further leveraging our global manufacturing capabilities." Professor J. David Rhodes, Group Chief Executive Officer of Filtronic plc, said: "The board of directors believe that the divestiture of the Wireless Infrastructure business will provide significant, demonstrable value to Filtronic shareholders and that this combination with Powerwave will enhance its position as a leading provider in the commercial wireless infrastructure market. I am certain that the Filtronic Wireless Infrastructure business will continue to develop strongly within Powerwave to support customers and give its employees expanding opportunities. Part of the expected consideration is in Powerwave shares. This will enable our shareholders to participate in Powerwave's growth, and indirectly benefit from the sustained growth we are currently experiencing in the Wireless Infrastructure market, where our order book on our largest product line has recently extended from two to twelve weeks despite increasing our production capacity."
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