January 25, 2001, 11:57 AM — (REUTERS) -- Spectrian Corp. said on Tuesday it completed the sale of its UltraRF semiconductor division to Cree Inc. for stock valued at nearly $95 million.
Sunnyvale, Calif.-based Spectrian said in a statement that Cree, a Durham, N.C., semiconductor manufacturer, acquired the assets of UltraRF and assumed certain of its liabilities in exchange for about 1,816,000 common shares plus additional shares worth $30 million. As part of the transaction, the companies have entered into a two-year supply agreement under which Cree will supply RF power semiconductors to Spectrian.
When the transaction was announced Nov. 21, Cree had agreed to pay 908,000 shares plus $30 million in cash or additional shares. The day before that announcement, Cree shares closed at $46-25/32. Friday, they closed at $35-17/32.
Spectrian said the two companies have also entered into a one-year joint development agreement to develop advanced technologies related to laterally diffused metal oxide semiconductors (LDMOS), linear high gain LDMOS driver modules, high efficiency LDMOS power modules and SiC MESFET components.
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