RFMD and TriQuint complete merger
Qorvo expected to start trading today on NASDAQ
RFMD and TriQuint Semiconductor today completed their merger to form Qorvo, a new leader in RF solutions. Qorvo is expected to begin trading today on the NASDAQ Global Stock Market.
"This is an important milestone for our company, employees, customers, shareholders and our industry," said Qorvo President and CEO Bob Bruggeworth. "Qorvo brings under one roof all the critical RF building blocks needed to simplify design, reduce size and conserve power, while improving system performance across mobile, infrastructure, and aerospace and defense applications. Our goal is to build the most valuable company in our space, and the global Qorvo team is eager to deliver the value our stakeholders expect."
As a result of the merger, which is intended to qualify as a tax-free reorganisation, TriQuint shareholders will receive 1.675 shares of Qorvo and RFMD shareholders will 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 will each own approximately 50 percent of Qorvo.
Qorvo's new ten member board of directors includes four independent directors from each of the RFMD and TriQuint boards: Daniel DiLeo, Jeffery Gardner, John Harding, Charles Scott Gibson, David Ho, Roderick Nelson, Walden Rhines, and Walter Wilkinson. The Board also includes Qorvo president and CEO Bob Bruggeworth and former TriQuint CEO Ralph Quinsey, who will serve as non-executive chairman.
