Acquisition · Electronic components
Murata to buy U.S. RF filter designer Resonant in all-cash tender offer
- Buyer
- Murata Manufacturing (Kyoto)
- Target
- Resonant, Austin, Texas
- Value
- $4.50 per share in cash (about ¥33.6B in total funding)
- Status
- Completed on March 28, 2022, after a tender offer that expired March 25.
- Date
- 2022-02-14
Murata, through its U.S. subsidiary, agreed to acquire Resonant, a Nasdaq-listed developer of radio-frequency filter designs and simulation software, for $4.50 per share in cash. The two firms had worked together since 2019 on filters using Resonant's XBAR technology. The deal was structured as a tender offer followed by a merger.
Why it matters
Owning XBAR gives Murata a high-frequency filter technology for 5G and Wi-Fi bands, where it competes with U.S. rivals Broadcom and Qorvo.
The tie-up first
In October 2019 Murata signed a deal with Resonant to develop, on an exclusive basis, radio-frequency filters for specific frequency bands using Resonant's XBAR design. Murata spent about ¥33.6 billion in total on the purchase.
How it was done
The buyer was Murata Electronics North America, based in Georgia, through a new subsidiary called PJ Cosmos Acquisition Company. The tender offer needed more than half of Resonant's shares, counting those Murata already held, before the merger could follow.
Sources
Kakehashi M&A News home
