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No. Infineon never bought Wolfspeed. Cree announced a proposed $850 million sale of its Wolfspeed Power and RF division in July 2016, but the companies terminated the agreement in February 2017 after they could not resolve national-security concerns raised by the Committee on Foreign Investment in the United States (CFIUS).
What Cree proposed to sell in 2016
Cree announced on July 14, 2016, that it had signed a definitive agreement to sell its Wolfspeed Power and RF division to Infineon for $850 million in cash. The agreement was signed July 13. The companies expected the transaction to close around the end of calendar 2016, subject to regulatory conditions.
Infineon described the deal as cash-and-debt-free. Its presentation said the $850 million purchase price would be funded with $720 million in bank loans and $130 million of cash on hand.
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Assets and scale of the division
The proposed sale covered silicon-carbide (SiC) products for power applications, gallium-nitride-on-silicon-carbide (GaN-on-SiC) products for RF power applications, and SiC wafer-substrate operations serving power, RF and gemstone applications. Infineon’s 2016 presentation reported that the division had:
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- $173 million in revenue for the 12 months ending March 27, 2016.
- Approximately 550 employees worldwide, including about 500 at two major U.S. sites.
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Why the Infineon transaction failed
The deal did not close because CFIUS national-security concerns could not be resolved. In its February 16, 2017, release, Cree said the companies “have been unable to identify alternatives which would address the national security concerns” of CFIUS and that the proposed transaction would therefore be terminated.
CFIUS reviews certain foreign investments in U.S. businesses for national-security risks. In this case, the public explanation from Cree was limited to the unresolved concerns; it did not identify specific risks or describe possible alternatives in detail. Cree said Wolfspeed would be reintegrated into its continuing operations. Infineon paid Cree a $12.5 million termination fee.
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- The original value of un-polished wafer is above $500
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Cree chairman and CEO Chuck Swoboda said, “We are disappointed that the Wolfspeed sale to Infineon could not be completed.”
What happened to Wolfspeed afterward
The terminated sale and Wolfspeed’s later financial restructuring were separate events. Wolfspeed remained with Cree after the 2017 termination; later developments involved a Chapter 11 reorganization and Renesas-related share issuances, not Infineon ownership.
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| Event | Status and parties | What changed |
|---|---|---|
| Proposed sale, 2016–2017 | Cree agreed to sell the division to Infineon, but the transaction was terminated before closing. | The proposed consideration was $850 million in cash; CFIUS national-security concerns remained unresolved. |
| Chapter 11 reorganization, 2025 | Wolfspeed announced court approval of its reorganization plan on September 8, 2025. | Wolfspeed expected the plan to reduce debt by approximately 70%. |
| Renesas-related share issuances, 2026 | In January 2026, Wolfspeed reported that CFIUS clearance allowed the release of escrowed Renesas shares. | Wolfspeed reported approximately 45.1 million shares outstanding after the issuances. |
How to read the headline
“Cree sells Wolfspeed to Infineon for $850M” describes an announced proposal, not a completed acquisition. The accurate outcome is that Cree agreed to sell the division, CFIUS concerns prevented the parties from proceeding, and the agreement was terminated in 2017.
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