Powerwave completed its acquisition of Filtronic’s wireless infrastructure business on October 15, 2006. The deal covered commercial base-station filters, integrated remote radio heads and power amplifiers—not all of Filtronic—and closed for $185 million in cash plus 17.7 million Powerwave shares.
What did Powerwave acquire?
The acquired product lines were transmit/receive filters, integrated remote radio heads and power amplifiers used in commercial wireless-infrastructure base stations, according to Powerwave’s completion announcement. Powerwave’s later filing described the transaction as the purchase of all outstanding voting securities of Filtronic Overseas Holdings Limited and substantially all assets of Filtronic Comtek (UK) Limited (Powerwave 2007 Form 10-K).
When did the deal close, and what changed before closing?
| Date | Event and terms |
|---|---|
| June 12, 2006 | Powerwave and Filtronic announced a definitive agreement for $150 million in cash and 20.7 million newly issued Powerwave shares. The announcement said Filtronic was expected to own about 13% of Powerwave on a fully diluted basis after closing, subject to approvals (Powerwave announcement). |
| September 5, 2006 | The revised agreement set consideration at $185 million in cash and 17.7 million shares. The exclusions remained in place (revised agreement). |
| October 15, 2006 | Powerwave completed the purchase. Its completion announcement was issued October 16 (completion announcement). |
How much did Powerwave pay?
The final stated consideration was $185 million in cash plus 17.7 million Powerwave shares. Powerwave’s completion release put the transaction value at approximately $296.2 million using the stock’s October 13, 2006 closing price of $6.28; that is a valuation based on the cited share price, not a cash-only payment amount (completion announcement).
In its 2007 Form 10-K, Powerwave reported a total accounting purchase price of $347.405 million: $163.118 million in stock, $178.899 million in cash and $5.388 million in transaction costs (2007 Form 10-K). This filing figure is not the same presentation as the completion release’s approximately $296.2 million valuation: it reflects the purchase-price accounting figures, including transaction costs.
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- Frequency: UHF 400MHz-960MHz ; Gain: 3dBi;
- Compatible with: Headband Headsets,Lapel Lavalier,Goosneck,Handheld,Headphone,Collar Clip Wireless Microphone Receiver;
- Antenna Interface: BNC Male Connector;
- Antenna Length: 215mm;
- Package List: 2 x Antennas (As the Picture Shown)
What was excluded from the sale?
The transaction was for a selected business and assets, not Filtronic as a whole. The agreement excluded point-to-point radio backhaul equipment, Filtronic’s compound-semiconductor division and its defence-electronics division (revised agreement; original announcement).
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why did Powerwave pursue the acquisition?
Powerwave said the acquisition would expand its transmit/receive filter offerings, complement its remote-radio-head and RF-conditioning products, and broaden its base-station portfolio. It also cited added intellectual property, stronger design and engineering resources, and expected cost synergies (completion announcement; Powerwave statement). These were the company’s stated strategic aims, rather than independently established results of the deal.
Quick Recap
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