TriQuint Semiconductor in Hillsboro announced Monday that it will merge with chipmaker RF Micro Devices. It’s an all-stock deal valued at about $1.6 billion.
The transaction is a merger of equals. The new company will have a new name and shared leadership team. Shareholders will split the ownership of the new business evenly.
Both companies’ boards of directors unanimously approved the deal, but it still needs approval from shareholders.
Brandi Frye is with TriQuint. She says the deal is good news for Oregon.
“It’s good news for our employees,” Frye said. “There’s going to be more opportunities and overall we’re just going to be able to do more as a combined company with greater scale and greater cost efficiencies.
Frye says the merger will save the companies at least $150 million. She says it’s too soon to know what will change at TriQuint’s operations in Oregon.
TriQuint makes products for communications, defense, and aerospace companies. It has about nine hundred employees at its headquarters in Hillsboro.
After the merger announcement, TriQuint’s stock value increased.