Qorvo, Inc. completed the acquisition of Custom MMIC for $96 million.
February 05, 2020
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Qorvo, Inc. (NasdaqGS:QRVO) entered into a definitive agreement to acquire Custom MMIC for approximately $110 million on January 13, 2020. The transaction is expected to close during the fourth quarter of fiscal 2020, subject to certain customary closing conditions. Citigroup Inc. acted as financial advisor to Qorvo, Inc. KPMG Corporate Finance LLC acted as financial advisor to Custom MMIC Design Services, Inc.
Qorvo, Inc. (NasdaqGS:QRVO) completed the acquisition of Custom MMIC for $96 million on February 6, 2020. The purchase price was comprised of cash consideration of $86 million and contingent consideration of up to $10 million which is payable to the sellers in the first quarter of fiscal 2022 if certain revenue targets are achieved over a one-year period from the acquisition date. In addition to the purchase price consideration, an installment agreement was entered into for $15.5 million which is payable to certain key employees of Custom MMIC and is subject to their continued employment over a three-year period from the acquisition date.
Qorvo, Inc. specializes in the design, production and marketing of radio-frequency components and solutions. In particular, the group makes power amplifiers, embedded modules, selector switches, duplexers, power management devices, wireless connection solutions, frequency convertors, oscillators, couplers and optical components.
Net sales break down by activity as follows:
- mobile terminals and electronic devices (76.3%);
- defense and aeronautics equipment, network infrastructures (23.7%).
At the end of March 2022, the group had 7 production sites located in the United States (3), China (2), Costa Rica and Germany.
Net sales break down geographically as follows: the United States (41.5%), China (32.3%), Taiwan (7.4%), Asia (13.4%) and Europe (5.4%).
QORVO, INC. 
