Resonant (NASDAQ:RESN) is soaring Tuesday morning after the company announced it will be acquired by Murata for $4.50 per share in cash.
Resonant is working on transforming the way radio frequency front-ends are being designed and delivered for mobile handset and wireless devices.
The business combination will allow both companies to expand their offerings and to access additional markets and customers.
"Murata is a global leader in RF modules and filters, and we are excited to build upon the successful partnership we’ve had together. The combination of Murata’s leading products with Resonant’s leading edge XBAR filter technologies will advance our combined ability to deliver best-in-class products to the RF front-end market," said CEO George Holmes.
The transaction is expected to close by the end of March. At that time, Resonant will become a wholly-owned subsidiary of Murata.
Resonant is developing software, intellectual property and a services platform to increase designer efficiency, reduce time to market and lower unit cost in the design of filters for radio frequency front-ends for the mobile device industry.
Said Murata President Norio Nakajima, "Resonant invented its proprietary XBAR technology, which is expected to achieve higher frequency and superior performance to other filter technologies.
"We have collaborated closely with Resonant for many years on the development of proprietary circuit designs using Resonant’s XBAR technology, and Resonant licensed to Murata rights for products in multiple specific radio frequencies in connection with our commercial partnership."
RESN shares rocketed $3.08, or 250.4%, to $4.31.
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