| | | Cree Acquires Infineon Technologies for $427.5 Mln
MT NEWSWIRES 9:52 AM ET 3/6/2018
09:52 AM EST, 03/06/2018 (MT Newswires) -- Cree (CREE), a maker of lighting-class light emitting diode (LED) products, has acquired assets of Infineon Technologies AG (IFNNY) Radio Frequency (RF) Power Business for EUR345 million ($427.5 million).
The deal expands the Cree Wolfspeed business unit's wireless market opportunity.
The transaction comprises Infineon's RF Power operations for wireless infrastructure in Morgan Hill, Calif., and Chandler, Ariz., in the US, as well as locations in China, Sweden, Finland and South Korea.
"The acquisition strengthens Wolfspeed's leadership position in RF GaN-on-SiC technologies, as well as provides access to additional markets, customers and packaging expertise," Cree CEO Gregg Lowe said in a statement. "This is a key element of Cree's growth strategy and positions Wolfspeed to enable faster 4G networks and the revolutionary transition to 5G."
The deal has closed and is effective Tuesday, Cree said.
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