4 December 2023
Wolfspeed completes sale of RF business to MACOM for $75m cash plus $60.8m in stock
Wolfspeed Inc of Durham, NC, USA — which makes silicon carbide materials as well as silicon carbide (SiC) and gallium nitride (GaN) power-switching & RF semiconductor devices — has completed the sale of its radio frequency business (Wolfspeed RF) to MACOM Technology Solutions Holdings Inc of Lowell, MA, USA (which designs and makes RF, microwave, analog and mixed-signal and optical semiconductor technologies). Wolfspeed received about $75m in cash (subject to a customary purchase price adjustment) and 711,528 shares of MACOM common stock, worth about $60.8m (based on its closing price on 1 December, as reported on the Nasdaq Global Select Market).
“The completed sale of Wolfspeed RF is the final step in our transformation,” says president & CEO Gregg Lowe. “Wolfspeed is now the only pure-play silicon carbide semiconductor manufacturer in the industry,” he adds. “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.”
Wolfspeed says that it continues to drive the industry transition to silicon carbide with its ongoing capacity expansion, including the final build-out of its 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 multi-billion-dollar facility is targeted to generate a more than 10-fold increase from Wolfspeed’s current silicon carbide production capacity on its campus in Durham, NC.