TTI Inc., an indirect, wholly-owned subsidiary of Berkshire Hathaway, announced a letter of intent to acquire RFMW Ltd., a privately held, RF/microwave distributor headquartered in San Jose.
Following the acquisition, RFMW will maintain the RFMW brand name and will report through the TTI Semiconductor Group (TSG). Joel Levine will continue to serve as president of RFMW, reporting to TSG president Michael Knight.
The transaction is expected to close October 1, 2018. Completing the transaction requires the two companies negotiate a definitive agreement covering the transaction and satisfying or waiving the conditions to closing specified in the agreement.
Joel Levine, RFMW president and a company founder, said “Opportunities like this are rare. TTI’s specialist vision aligns perfectly with RFMW and represents the best possible scenario by allowing RFMW to focus on radio frequency and microwave products and technology. Joining the TTI family of companies will allow RFMW to continue on our growth path and benefit our loyal employees who remain committed to the RFMW specialization strategy, world-class suppliers, and focused customer base. TTI’s investment in our future will support the next generation as we add resources, extend our reach and increase our capabilities for both suppliers and customers.”
Michael Knight, senior vice president, TTI Business Development and TSG president, said, “RFMW will be an important addition to the TTI family of companies and our semiconductor distribution group. The company culture, focus and reputation for superior customer service and technical expertise complement TTI extremely well and are a perfect fit for our specialty distribution model. On behalf of our founder and CEO Paul Andrews, we look forward to welcoming the specialists at RFMW to the TTI and Berkshire Hathaway family.”