Mergers and Acquisitions in 2018

- everything RF

Dec 21, 2018

The year 2018 saw a host of mergers and acquisitions taking place around the year in the RF & Microwave industry. The zeal to become global power-houses for some and the need to boost their technological supremacy for others resulted in a number of mergers and acquisitions. We have listed the mergers and acquisitions that took place in 2018 below.

HUBER+SUHNER acquired Inwave Elektronik AG (January)

The first acquisition of the year saw, HUBER+SUHNER acquiring Switzerland based microwave and RF-over-fiber solutions specialist, Inwave Elektronik AG. The all-confidential acquisition deal was basically centered on Inwave’s expertise in microwave and RF-over-fiber solutions (conversion of radio frequency to analogue fiber optic signals and vice versa). At the time of acquisition, Inwave Elektronik AG had only four employees plus the owner. Click to know more.

Renesas Electronics merged with Intersil Corporation (January)

Intersil Corporation through a merger agreement with Renesas, combined all of its business with that of Renesas Electronics America. The merger, which was expedited after the initial acquisition deal back in February 2017, saw both the companies combine their portfolios, technologies and talent, to accelerate their presence as a global entity under one global brand name. Click to know more.

Digi International acquired Accelerated Concepts (January)

Leading IoT connectivity expert, Digi International, in a $17 million deal, acquired the Accelerated Concepts, a hardware designer and manufacturer specializing in cellular (LTE) networking equipment. Founded in 2006, Accelerated Concepts, although being a new market entrant, had demonstrated strong top line growth with a five year CAGR of more than 25 percent. After the acquisition, the company continued to maintain its existing office locations with employees becoming part of the Digi team. Click to know more.

AVX Corporation acquired Ethertronics (February)

AVX Corporation acquired Ethertronics, a leader in advanced antenna system technology and a manufacturer of antenna products for wireless applications. The deal was completed for $138.5 million in cash value and assumption of $11.5 million of net debt. The acquisition comprised of all of the 6 Ethertronics facilities located in China, South Korea, Vietnam, France, Taiwan, and the USA. Click to know more.

TMD acquired G2 Engineering (March)

TMD Technologies announced the acquisition of G2 Engineering Limited, a small, specialist hi-tech microwave design and manufacturing company based in West London. The acquisition saw G2 Engineering shift its base to TMD’s premises in Hayes, West London. Click to know more.

Cree acquired Infineon (March)

In one of the most talked about acquisition of the year, CREE acquired the RF Power Business of Infineon Technologies for approximately € 345 million. The acquisition was an interesting turn of events, as Infineon had earlier filed a bid to acquire Wolfspeed, Cree’s parent organization for $850 Million, only to see it get blocked by the US government in February 2017. Once the attempt was blocked, CREE re-evaluated their position on the RF Power Business and decided to put significant resources to grow its business. Click to know more.

VIAVI acquired Cobham plc (March)

Viavi Solutions completed the acquisition of the AvComm and Wireless Test and Measurement businesses of Cobham plc (Cobham T&M) for all-cash consideration of $455 million. The merger, according to VIAVI, was another step in the company’s NSE strategy of driving operational scale and monetizing its NOL asset. Cobham’s AvComm and Wireless T&M business had served the military, public safety and aviation markets with its trusted land-mobile radio and avionics test solutions, generating more than $200 million of revenues in calendar year 2017. Click to know more.

Analog Devices acquired Symeo GmbH (March)

Analog Devices completed the acquisition of Symeo GmbH, a privately held company based in Munich, Germany, specializing in RADAR hardware and software for emerging autonomous automotive and industrial applications. Symeo’s innovative signal processing algorithms enabled ADI to offer customers a RADAR platform with significant improvements in angular accuracy and resolution. The Symeo industrial high precision RADAR technology was originally developed within Siemens AG and subsequently spun-out as an independent entity in 2005. Click to know more.

CPI Antenna Systems acquired Viasat (March)

The Antenna Systems Division (ASD) of Communications & Power Industries (CPI) purchased the limited-motion satellite antenna family from global communications company, Viasat. CPI ASD acquired Viasat's 6m to 18m multi-band antennas, providing a valuable extension of CPI ASD's larger-diameter antenna product line, while enabling Viasat to focus on antenna and communications technologies for the growing broadband services market. As part of the agreement, CPI began to serve as a source for Viasat in the fulfillment of satellite ground system orders. Click to know more.

Orolia acquired Talen-X (April)

Resilient Positioning, Navigation and Timing solutions provider, Orolia, announced the acquisition of US-based GNSS expert, Talen-X. Through the agreement, Orolia significantly enhanced Assured PNT capabilities across its global portfolio to support mission-critical applications for the US market. Click to know more.

Silicon Labs acquired Sigma Designs (Z-Wave) (April)

Silicon Labs completed the acquisition of Sigma Designs' Z-Wave business, including a team of approximately 100 employees, for $240 million in an all-cash transaction. Z-Wave technology is an open, internationally recognized ITU standard (G.9959) and one of the leading wireless smart home technologies. Click to know more.

TTM Technologies acquired Anaren (April)

Global PCB manufacturer, TTM Technologies announced the acquisition of Anaren for $775 million. The acquisition combined TTM’s strength in PCB manufacturing with Anaren’s radio frequency design capability and a product portfolio of unique and proprietary RF components and subsystems for the Aerospace & Defense and Networking/Communication end markets. The combined company had pro-forma 2017 revenue of $2.9 billion. Click to know more.

T-Mobile merged with Sprint (May)

In a game changing deal in the US telecom market, T-Mobile US and Sprint announced their merger in an all-stock transaction with fixed exchange ratio of 0.10256 T-Mobile shares for each Sprint share or the equivalent of 9.75 Sprint shares for each T-Mobile US share. Based on closing share prices in April, this represented a total implied enterprise value of approximately $59 billion for Sprint and approximately $146 billion for the combined company. The combined company was named T-Mobile. Click to know more.

Gowanda acquired HiSonic (May)

The Gowanda Components Group (GCG), continuing its legacy of important acquisitions, acquired Kansas based magnetic and electrical components solutions provider, HiSonic. HiSonic’s designs, technologies and customers complemented those within Gowanda's own Magnetics Division. This was the seventh acquisition for GCG within the last six years. Click to know more.

Yageo acquired Pulse Electronics (May)

Taiwan-based electronic component manufacturing company, Yageo announced the acquisition of Pulse Electronics, an American based electronic component manufacturers best known for their antenna and wireless products. The acquisition was done through Yageo's subsidiary Pluto Merger Corporation for $740 Million. Pulse, at the time of acquisition has 16 R&D and design centers located in Asia, the United States and Europe and 8 sales offices worldwide, and 8 production plants in China, the United States, the Czech Republic and India. Click to know more.

Microchip Technology acquired Microsemi (May)

Another big deal of the year came out in the form of Microchip Technology’s acquisition of semiconductor and systems solutions leader, Microsemi. The deal was closed at the value offer of $68.78 per share in cash i.e. around $8.35 Billion, after accounting for Microsemi’s cash and investments, net of debt, on its balance sheet at December 31, 2017, putting the total value at $10.15 Billion. Click to know more.

Infinite Electronics acquired Integrated Network Cable (June)

Infinite Electronics, an operational holding company providing management and back office support for globally recognized electronic components brands, acquired Integrated Network Cable (INC), an online distributor of cables and connectivity products. Founded in 1995, INC provided a full range of voice, video and data network installation services and was the parent company of ecommerce brands Show Me Cables, Triangle Cables and ECore Cables. Click to know more.

Baylin acquired Alga Microwave (June)

Baylin Technologies announced the acquisition of all of the issued and outstanding shares of Alga Microwave for total consideration of $27 million. The company had a fast development cycle for its products, which was seen as a key success factor in the acquisition. Alga’s product offering covers all major frequency standards. Baylin purchased all of the outstanding shares of Alga, through a newly incorporated subsidiary, for up-front consideration of $25.0 million, subjected to customary adjustments. Click to know more.

TTI acquired RFMW (August)

TTI Inc, an indirect, wholly owned subsidiary of Berkshire Hathaway, acquired California based specialty electronics distribution company, RFMW Ltd. Upon completion of the acquisition, RFMW continued to operate under the RFMW brand name, reporting through the TTI Semiconductor Group (TSG). Click to know more.

Skyworks acquired Avnera (August)

Skyworks Solutions completed the acquisition of developer of Analog System on Chips (ASoCs), Avnera Corporation which also was a private fabless semiconductor supplier. The deal was valued at $425 million, and helped Skyworks expand its addressable market by over $5 billion. Click to know more.

Keysight acquired Thales Calibration Australia (August)

Keysight, in a bid to become the largest calibration and support services organization in Australia, announced the acquisition of Thales Calibration Services in Melbourne Australia, a subsidiary of Thales Group. Located in Melbourne, Thales Calibration was originally established to provide dimensional support, but expanded its capabilities and accreditation over the past several decades. It is currently the largest commercial non-electronic metrology lab in Australia servicing the defense, commercial, medical, petro-chemical, and pharmaceutical industries. Click to know more.

CPI acquired Orbital Systems & Quorum Communications (August)

Communications & Power Industries (CPI), in their second acquisition deal of the year, acquired Orbital Systems and its sister company, Quorum Communications. The companies designed and manufactured associated ground-based full-motion antenna products that play a key role in communications applications. Click to know more.

Combilent US acquired Bird (September)

RF Communications expert, Bird Technologies, announced the sale of its Radio Infrastructure Products Division (RFIP) business division, formerly known as TX RX Systems, to the Combilent Group. Combilent USA decided on operating under the TX RX Systems, Inc. name from their US headquarters in Angola, New York. Click to know more.

Boeing acquired Millennium Space Systems (September)

Boeing completed the acquisition of Millennium Space Systems, a provider of agile, flight-proven small-satellite solutions. Millennium Space Systems operates under Boeing Phantom Works as a subsidiary called Millennium Space Systems, A Boeing Company and has extensively expanded Boeing’s satellite and space portfolio, talent and capabilities. Click to know more.

Renesas Electronics acquired IDT (September)

Japanese semiconductor firm Renesas Electronics which specializes in making computer chips for self-driving cars, in a big move, acquired the US-based RF technology and components giant, Integrated Device Technology (IDT) for $6.7 billion. The deal was one of the largest-ever acquisitions by a Japanese chipmaker and strengthened Renesas’ capabilities in developing chips for data communications crucial for self-driving cars. Click to know more.

Samtec acquired Precision Connector Inc (October)

Electronic interconnects developer, Samtec Inc, acquired all assets and forward businesses of Precision Connector Inc (PCI). PCI specializes in the design and manufacture of precision RF and microwave coaxial connectors and brings over 25 years of design experience in the RF/Microwave industry. Click to know more.

SemiGen acquired Ion Beam Milling (October)

Manchester (USA) - based thin-films pioneer Ion Beam Milling, were acquired by SemiGen Inc. To realize the synergies between the two companies, all Ion Beam Milling fabrication equipment and their entire staff were transitioned into SemiGen’s 43,000 square foot modern facility in Londonderry, New Hampshire. Ion Beam Milling pioneered several thin film circuit processing techniques using innovative ion beam milling approaches. Click to know more.

Harris merged with L3 Technologies (October)

Defense giants, Harris Corporation and L3 Technologies, agreed to merge in an all-stock deal of equals to create a global defense technology leader, focused on developing differentiated and mission-critical solutions for customers around the world. Under the terms of the merger agreement, Harris shareholders own approximately 54 percent and L3 shareholders own approximately 46 percent of the combined company on a fully diluted basis. The combined company, L3 Harris Technologies Inc., is now the 6th largest defense company in the U.S. and a top 10 defense company globally, with approximately 48,000 employees and customers in over 100 countries. Click to know more.

Alaris acquired mWave Industries (October)

Leading technology holding company, Alaris Holdings, acquired US-based custom and commercial microwave antenna provider, mWave Industries. A relatively newer company, mWave Industries is based in Windham, Maine in the United States and is a leading global provider of innovative custom and commercial microwave antenna solutions with special focus on 60, 70, 80, 94 & 110 GHz Millimeter Wave Reflector Antenna. Click to know more.

Infineon acquired Siltectra GmbH (November)

Infineon announced the acquisition of a German based start-up, Siltectra GmbH, that developed the innovative Cold Split technology to process crystal material efficiently and with minimal loss of material. Infineon decided to use the technology to split silicon carbide (SiC) wafers, thus doubling the number of chips out of a single wafer. A purchase price of 124 million Euros was agreed on with the venture capital investor MIG Fonds, the main shareholder of Siltectra GmbH. Click to know more.

Airspan acquired Mimosa Networks (November)

Small cell backhaul pioneer, Airspan Networks acquired wireless broadband solutions provider, Mimosa Networks, strengthening its award-winning, disruptive position in the Mobile 4G/5G network densification space. The deal expanded Airspan’s existing North American presence with an engineering center in Silicon Valley. Click to know more.

Elbit Systems acquired IMI Systems (November)

In another major defense deal, Elbit Systems acquired Israel based global defense solutions company, IMI Systems. The acquisition was completed for a purchase price of approximately $495 million (NIS 1.8 billion), with an additional payment of approximately $27 million (NIS 100 million) contingent upon IMI meeting agreed performance goals. Click to know more.

Kitron Inc acquired API Technologies (December)

API Technologies signed a definitive agreement to sell 100% of the capital stock of API Defense USA, its Electronics Manufacturing Services business (EMS), to Kitron Inc., a subsidiary of Kitron ASA, one of Scandinavia's leading electronics manufacturing services companies for the Energy/Telecoms, Industry, Defense, Medical devices and Offshore/Marine sectors. Click to know more.

JMA Wireless acquired PHAZR (December)

Leading mobile network solutions expert, JMA Wireless acquired 5G solutions pioneer, PHAZR. The merger of the two companies created the first fully integrated architecture that  addresses non-standalone and standalone systems for inbuilding, large venues, and outdoor 5G and LTE while addressing the emerging demand to move RAN assets towards 100% virtualization, and continuing to drive intelligence to the edge of the network. Click here to learn more.