Merger between Aquicor and Jazz completed

Jazz Technologies, Inc., formerly Acquicor Technology Inc., and Jazz Semiconductor, Inc. today announced the completion of the merger between the two companies. Under the terms of the Agreement and Plan of Merger dated as of September 26, 2006, Jazz Technologies acquired all of the outstanding securities of Jazz Semiconductor and Jazz Semiconductor became a wholly owned subsidiary of Jazz Technologies. After the completion of the merger, Acquicor Technology changed its name to Jazz Technologies, Inc. At the closing of the Merger, Jazz Technologies made total payments of approximately $260.1 million pursuant to the merger agreement, which included the impact of an estimated working capital adjustment and the deduction of $4.4 million of transaction costs incurred by Jazz Semiconductor in connection with the Merger and its terminated public offering. Of these payments, approximately $27.7 million of the purchase price was placed in escrow for final working capital adjustments, if any, to secure indemnification claims and to fund obligations to make certain retention bonus payments following the completion of the merger to Jazz Semiconductor employees. Gil Amelio, chairman and chief executive officer of Jazz Technologies, said, "We are very pleased that our shareholders recognized the substantial strategic and economic benefits associated with this merger. We believe that the combined company now has all the necessary ingredients to become the leading provider of innovative specialty foundry services. We are looking forward to sharing with our investors the strategic plans we have put in place to implement this vision." "We are extremely excited about the completion of the merger," said Shu Li, president and chief executive officer of Jazz Semiconductor. "We expect our new status as a publicly traded company to provide Jazz Semiconductor with greater financial flexibility as we grow our business organically and through strategic acquisitions." "Jazz Semiconductor's customers will also benefit from the stronger balance sheet and our access to increased capabilities of the combined entity to serve their needs even better," concluded Li.