RFMD, TriQuint Semiconductor Complete Merger Of Equals To Form Qorvo

(RTTNews) - RF Micro Devices, Inc. (RFMD), which deals with the design and manufacture of high-performance radio frequency solutions, and TriQuint Semiconductor, Inc. (TQNT) have completed their merger of equals to form Qorvo (QRVO), a new leader in RF solutions. Qorvo is likely to commence trading today on the NASDAQ Global Stock Market.

As a result of the merger, that is intended to qualify as a tax-free reorganization, TriQuint shareholders would receive 1.675 shares of Qorvo and RFMD shareholders would receive 1 share of Qorvo for each TriQuint or RFMD share held, and a one-for-four reverse stock split was effected at closing. Former shareholders of RFMD and TriQuint would each own nearly 50 percent of Qorvo.

The merger is expected to achieve at least $150 million in cost synergies; $75 million in annualized synergies exiting the first year after closing and an additional $75 million exiting the second year. The transaction is expected to be accretive to non-GAAP EPS in the first full fiscal year following the merger.