SANTA ANA, Calif.—Powerwave Technologies Inc., a wireless antenna firm, said it plans to acquire the majority of the network equipment division of London-based Filtronic plc for nearly 21 million shares of common stock and $150 million in cash. The deal depends on approval by Filtronic’s shareholders; if approved, it’s expected to close in the third quarter.
The specific product lines involved in the deal include transmit/receive filters, integrated remote radio heads and power amplifier products used in network base stations. The deal does not extend to Filtronic’s point-to-point radio backhaul equipment, nor does it include Filtronic’s compound semiconductors and defense electronics divisions.
Ronald Buschur, president and chief executive officer at Powerwave, said the purchase would improve his company’s ability to serve its carrier customers and save money—about $10 million in the first year following the acquisition. Powerwave has garnered significant business in providing indoor antenna systems for the Chicago Transit Authority and projects in Europe, China and Latin America.
