RF Micro Sells Jazz Stake
Integrated circuit maker
RF Micro Devices
(RFMD)
said it expects to get $24 million to $27 million in selling its stake in closely held Jazz Semiconductor to
Acquicor Technology
(AQR)
.
The all-cash transaction is valued at $260 million, and the deal should close in the first quarter of 2007.
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Acquicor was started by Gil Amelio, the former chairman and CEO of
Apple
(AAPL) - Get Apple Inc. Report
, Steve Wozniak, a co-founder of Apple, and Ellen Hancock, who served as chairman and CEO of Exodus Communications. Hancock also spent time at Apple, serving as the company's chief technology officer.
Jazz Semiconductor was formed in 2002 as a joint venture between
Conexant
(CNXT) - Get VanEck Vectors ChinaAMC SME-ChiNext ETF Report
and private equity firm Carlyle Group. Conexant, which owns 42% of Jazz, said it expects to receive about $100 million in cash proceeds from the Acquicor purchase.
This story was created through a joint venture between TheStreet.com and IRIS.
