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Wolfspeed Completes Sale of RF Business to MACOM
DURHAM, N.C.--(BUSINESS WIRE)-- Wolfspeed, Inc. (NYSE: WOLF) today announced it completed the sale of its radio frequency business (“Wolfspeed RF”) to MACOM
About this update from Macom Technology Solutions Holdings, Inc.
[{"type":"text","content":" DURHAM, N.C.--(BUSINESS WIRE)--\nWolfspeed, Inc. (NYSE: WOLF) today announced it completed the sale of its radio frequency business (“Wolfspeed RF”) to MACOM Technology Solutions Holdings, Inc. (Nasdaq: MTSI) effective December 2, 2023. Under the transaction terms, Wolfspeed received approximately $75 million in cash, subject to a customary purchase price adjustment, and 711,528 shares of MACOM common stock, which shares had a market value of approximately $60.8 million based on the closing price for MACOM’s common stock on December 1, 2023 as reported on the Nasdaq Global Select Market.\n\n\n“The completed sale of Wolfspeed RF is the final step in our transformation, and we’re happy to say Wolfspeed is now the only pure-play silicon carbide semiconductor manufacturer in the industry,” said Gregg Lowe, Wolfspeed president and CEO. “As demand continues to accelerate across the automotive, industrial and renewable energy markets, we can now focus on innovation and capacity for our materials and power device businesses.”\n\n\nWolfspeed continues to drive the industry transition to silicon carbide with its ongoing capacity expansion, including the final build-out of the company’s Mohawk Valley Fab in New York, and construction of the John Palmour Manufacturing Center (the JP), the world’s largest silicon carbide materials factory in Siler City, North Carolina. The state-of-the-art, multi-billion-dollar facility is targeted to generate a more than 10-fold increase from Wolfspeed’s current silicon carbide production capacity on its Durham, North Carolina campus.\n\n\nAbout Wolfspeed, Inc.\n\n\nWolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include silicon carbide materials and power devices targeted for various applications such as electric vehicles, fast charging, 5G, and renewable energy and storage. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.\n\n\nForward Looking Statements\n\n\nThis press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indi...