Britain’s Filtronic PLC said it sold the last of its stake in Santa Ana-based Powerwave Technologies Inc. that it gained through a deal with the maker of wireless network gear.
Last year, Powerwave bought a unit of Filtronic, called Filtronic Comtek, for about $185 million in cash.
The Filtronic buy was set to expand Powerwave’s signal filtering, remote radio heads and power amplifier product lineups for wireless networks.
Filtronic also got 17.7 million Powerwave shares in the deal. It began selling them off in chunks last year.
It sold about 4.8 million shares in December and another 6.9 million Tuesday. The balance, about 3.4 million shares, was sold Wednesday.
Filtronic netted about $20.4 million from the last 3.4 million shares, according to an online report from The Daily Times, a newspaper based in Salisbury, Md. Powerwave has a plant in Salisbury that used to belong to Filtronic.
The total raised for all shares was about $107 million, the company said.
Powerwave’s shares closed up about 3%.
The stock has fallen by half during the past year on big sales losses and charges related to the acquisition.
Powerwave, which makes cell-phone-signal amplifiers that sit inside wireless base stations, had a market value of about $822 million at a recent check.
