Friday, September 19, 2008

Jazz Technologies Merger Completes

Newport Beach-based Jazz Technologies and Tower Semiconductor said Friday that the two companies have completed their merger. According to the firms, Jazz Semiconductor has become a wholly owned subsidiary of Tower Semiconductor, named Jazz Semiconductor Inc. a Tower Group Company. The firms said that Gilbert Amelio, chairman and CEO of Jazz, has retired both as an officer and director effective with the merger. The merger, which was worth approximately $169M, was originally announced in May. Amelio was formerly the CEO of Apple, and had headed up Acquicor prior to Jazz; Acquicor went IPO as a blank check acquisition firm in 2006 with ex Apple-CTO Ellen Hancock, and Apple founder Steve Wozniak. Acquicor acquired Jazz Semiconductor in 2006 for $260M.

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