The planned acquisition of Wolfspeed by Infineon, was showing signs of being blocked by the Committee on Foreign Investment in the United States (CFIUS). Soon after which Cree’s announced the termination of the proposed acquisition of Wolfspeed by Infineon. However, there seems to have been another major turn, this time coming from the Wolfspeed CEO himself. According to an article published by Microwave Journal, Frank Plastina, CEO of Wolfspeed has stepped down from the head role in the company and will be discharging from his duty by the end of this fiscal quarter.
Cree and Infineon had previously announced that Infineon would acquire Wolfspeed for a proposed sum of $850 million in cash. The deal included Cree’s SiC wafer business, semi-insulating SiC substrates, SiC n- and p-type epitaxial material and GaN, AlGaN and InGaN epitaxial material as well as the RF segment. But Cree recently terminated the long going acquisition proposal citing the concerns of the Committee on Foreign Investment in the United States (CFIUS) which objected to the deal because of national security concerns.
Plastina was a member of Cree’s Board of Director since 2007 and later was appointed as the Executive Vice President in June 2015 after Cree’s initial public offering (IPO) listing for the power and RF segment which later was named as Wolfspeed in 2015.