Murata Electronics North America, Inc. (META), the U.S. subsidiary of Murata Manufacturing Co., Ltd., has concluded the merger agreement with Resonant Inc. on Feb. 15, 2022. Resonant is a leading company in radio frequency (RF) filter design.

The acquisition price amounts to approximately US$300 million, considering purchase price of US$4.5 per share of common stock.

Following conclusion of the acquisition, Resonant will become a consolidated subsidiary of Murata. Prior to the acquisition, Murata Group owns 4.2 percent share of Resonant.

In accordance with the terms of the Agreement, a cash-based tender offer shall be made to resonant through PJ Cosmos Acquisition Company, Inc., a newly established acquisition subsidiary of MENA. After the tender offer is finalized, a merger for cash consideration shall be carried out between PJ Cosmos and Resonant, in which Resonant shall be the surviving company.

The Boards of Director of Murata and Resonant have already approved the acquisition, which is set to be completed in late March 2022. This is on the assumption that the terms and conditions under the U.S. Antimonopoly Act and other general prerequisites are met.

Strengthen Position in Telecoms Market

Murata and Resonant entered into an agreement to exclusively develop high-frequency filters for specific frequencies using Resonant’s XBAR technology. The two companies have been conducting joint development.

With this acquisition, Murata believes that it can further strengthen its position as a leader in the telecommunications market. It will combine the filter technology, process technology and manufacturing capabilities Murata has cultivated in electronics components, such as SAW filters and I.H.P. SAW filter with Resonant’s XBAR technology to provide even better high-frequency filters.

The tender offer is expected to commence within 10 business days from the date of conclusion of the agreement with Resonant and will end in a minimum of 20 days after the commencement.