Wolfspeed, a global leader in Silicon Carbide technology, has announced that it has completed the sale of its radio frequency business, “Wolfspeed RF”, to MACOM Technology Solutions, effective from December 2, 2023. Under the transaction terms, Wolfspeed received approximately $75 million in cash. The term is subject to a customary purchase price adjustment, and 711,528 shares of MACOM common stock, which had a market value of approximately $60.8 million based on the closing price for MACOM’s common stock on December 1, 2023, as reported on the Nasdaq Global Select Market.
“The completed sale of Wolfspeed RF is the final step in our transformation, and we’re happy to say Wolfspeed is now the only pure-play silicon carbide semiconductor manufacturer in the industry,” said Gregg Lowe, Wolfspeed president and CEO. “As demand continues to accelerate across the automotive, industrial, and renewable energy markets, we can now focus on innovation and capacity for our materials and power device businesses.”
Wolfspeed continues to drive the industry transition to silicon carbide with its ongoing capacity expansion, including the final build-out of the company’s Mohawk Valley Fab in New York, and the construction of the John Palmour Manufacturing Center (the JP), the world’s largest silicon carbide materials factory in Siler City, North Carolina. The state-of-the-art, multi-billion-dollar facility is targeted to generate a more than 10-fold increase from Wolfspeed’s current silicon carbide production capacity on its Durham, North Carolina campus.
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