Apple alums get into the chip business

Three veterans of Apple Computer have joined together to form a startup that acquired Newport Beach, CA-based Jazz Semiconductor, Inc.

Apple co-founder Steve Wozniak, former Chairman and CEO Gil Amelio and former CTO Ellen Hancock got together to form Acquicor Technology, Inc. (AMEX:AQR) and their first move was to acquire Jazz Semi in an all-cash transaction valued at $260 million.

According to the Acquicor Web site:

We are a recently organized Delaware blank check company formed by Gilbert F. Amelio, Ph.D., Ellen M. Hancock and Steve Wozniak for the purpose of acquiring, through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination, one or more domestic and/or foreign operating businesses in the technology, multimedia and networking sectors, specifically on businesses that develop or provide technology-based products and services in the software, semiconductor, wired and wireless networking, consumer multimedia and information technology-enabled services segments.

Jazz Semi bill themselves as "an independent pure play wafer foundry that serves customers targeting wireless, optical networking, power management, storage, aerospace/defense and other high performance applications."

CNet's Ina Fried reports that "Acquicor received more than $160 million in funding in March to form a "blank check company" that would then seek a company in the technology space to acquire." Amelio will continue as Acquicor's CEO, with Hancock as COO and Wozniak as CTO. Jazz CEO Shu Li will retain that title as well, Acquicor said.