March 6, 2018 / 2:26 PM / 7 months ago

Cree acquires Infineon RF Power business for 345 mln euros

FRANKFURT, March 6 (Reuters) - U.S.-based Cree said on Tuesday that it had acquired most of Infineon's Radio Frequency Power Business for around 345 million euros ($428 million).

The deal, which has already closed, will expand the Cree Wolfspeed business unit, which is positioning itself to enable faster 4G mobile networks and prepare for the launch of 5G services, the companies said in a joint statement.

Cree said it funded the acquisition from cash and borrowings on its revolving line of credit. The deal is expected to increase annual revenues by approximately $115 million in the first 12 months after the acquisition and be accretive to non-GAAP earnings in its first full quarter.

Cree, based in Durham, North Carolina, makes lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. ($1 = 0.8059 euros) (Reporting by Douglas Busvine; Editing by Christoph Steitz)

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