SANTA ANA, Calif.—Powerwave Technologies Inc. reworked its $336 million acquisition agreement with Filtronic plc, paring the deal down to $185 million in cash along with 17.7 million in shares of Powerwave common stock.
In June, the two companies struck an agreement to transfer Filtronic’s wireless infrastructure division to Powerwave for $150 million in cash and 20.7 million shares of Powerwave’s stock. But Powerwave’s stock has been on the decline, which prompted the company to adjust its purchase price with Filtronic.
The companies said in a press release that specific product lines included in the proposed sale include transmit/receive filters, integrated remote radio heads and power amplifier products, all of which are used in wireless base station equipment. However, the sale does not include Filtronic’s point-to-point radio backhaul equipment, or its Compound Semiconductors and Defense Electronics divisions.
The transaction is expected to be completed by next month, the companies said.
Powerwave designs and manufactures antennas, boosters, combiners, filters, repeaters, multi-carrier RF power amplifiers and tower-mounted amplifiers, all for use in wireless networks.
British-based Filtronic designs and manufactures a range of customized RF, microwave and millimeter-wave components and subsystems, as well as in-compound semiconductor components. The products are used in wireless networks, electronic defense systems, point-to-point communication systems and cell phones.
Wall Street barely reacted to the news, as Powerwave’s stock rose 5 cents to $7.65 per share during trading.
