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Jazz Semiconductor

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Jazz Semiconductor is a US-based semiconductor wafer foundry that serves customers targeting wireless, optical networking, power management, storage, aerospace/defense and other applications. Headquartered in Newport Beach, California, Jazz passed through a number of acquisitions including the short-lived company Acquicor Technology, which renamed it Jazz Technologies and then sold it two years later.

History

Jazz Semiconductor Systems was founded on February 15, 2002, renamed itself Specialtysemi, Inc. later in February 2002 and to Jazz Semiconductor, Inc. in May 2002. Prior to March 12, 2002, its was Conexant's fabrication facility, as subsidiary Newport Fab, LLC. It was initially funded by Conexant and affiliates of the Carlyle Group. Shu Li was its chief executive since May 2002. RF Micro Devices invested $60 million in October 2002, and became a customer.[1] Jazz reported losses for each year of 2003, 2004, and 2005. It filed for a initial public offering (IPO) in March 2006, to be listed on Nasdaq under symbol JAZZ.[1]

Acquicor Management LLC was jointly founded by Gil Amelio, Steve Wozniak and Ellen Hancock, all of whom had worked for Apple Computer.[2] Founded in in August 2005, Amelio was Acquicor's chief executive. Acquicor Technology was formed as what was known as a blank-check company founded to make acquisitions in the technology sector, with the management partnership as its only stock-holder. It filed for an IPO of its own in February 2006, expected to raise about $142 million adopting the symbol AQR on the American Stock Exchange.[3] Although the company had to disclose that it had no revenues nor products, and companies previously led by its principals had failed, the celebrity status of the founders attracted attention.[4] The demand caused an over-allotment, resulting in net proceeds of $164 million on April 4, 2006.[5]

In September 2006 Acquicor announced it would acquire Jazz for $260 million in cash.[2] Jazz withdrew its own registration statement.[6] To help finance the acquisition, Acquicor raised $145 million from convertible notes on December 19, 2006 and another $21.75 million on December 22, 2006.[7] Conexant made a $10 million equity investment in Jazz while waiting for the deal to close, which it did on February 16, 2007.[8] Acquicor changed its name to Jazz Technologies, and its symbol to JAZ on February 21, 2007.[9] In March 2007 Li resigned and Amelio became chief executive of the subsidiary company, still doing business as Jazz Semiconductor.[10]

In September 2008 Jazz became a subsidiary of Tower Semiconductor of Israel in a stock-for-stock merger.[11]

References

  1. ^ a b "Prospectus". Form S-1/A. US Securities and Exchange Commission. March 31, 2006. Retrieved October 23, 2013.
  2. ^ a b Bill Giovino (September 29, 2006). "Jazz Semiconductor Aquired by Acquicor in an Unusual Transaction". MicroController. Retrieved October 23, 2013.
  3. ^ "Prospectus". Form S-1/A. US Securities and Exchange Commission. December 16, 2005. Retrieved October 23, 2013.
  4. ^ Kevin Kelleher (March 20, 2006). "Acquicor Tech Enjoys Apple's Halo". The Street. Retrieved October 23, 2013.
  5. ^ "IPO Over-Allotment Option Exercised". Press release. March 21, 2006. Archived from the original on April 1, 2009. Retrieved October 23, 2013. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  6. ^ "Wozniak, Apple alums buy semiconductor company for $260M". Silicon Valley Business Journal. September 27, 2006. Retrieved October 23, 2013.
  7. ^ "Acquicor Technology Inc. Closes Additional $21.75 Million Private Offering of Convertible Senior Notes". Press release. December 22, 2006. Archived from the original on April 1, 2009. Retrieved October 23, 2013. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  8. ^ Conexant (March 20, 2007). "Prospectus". Offer to Exchange. US Securities and Exchange Commission. Retrieved October 23, 2013.
  9. ^ "Acquicor Technologies Inc". Old web site. Archived from the original on April 23, 2007. Retrieved October 23, 2013. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  10. ^ "Jazz Technologies, Inc. Announces Resignation of Shu Li, President and Chief Executive Officer of subsidiary, Jazz Semiconductor; Gil Amelio to assume operating role". Press release. March 30, 2007. Archived from the original on April 1, 2009. Retrieved October 23, 2013. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  11. ^ "Tower completes Jazz acquisition". Semiconductor Today. September 22, 2008. Retrieved October 23, 2013.