Apple co-founder Steve Wozniak and two other former Apple executives have acquired processor manufacturing company Jazz Semiconductor.

Jazz Semi is a wafer foundry that provides advanced specialty process technologies for the manufacture of highly integrated analogue and mixed-signal semiconductor devices.

The $260 million deal has been conducted by Acquicor Technology, which is run by Wozniak, former Apple CEO Gil Amelio and former Apple exec Ellen Hancock.

"This merger reinforces Jazz Semiconductor's long-term strategic focus on a successful specialty foundry business model," said Shu Li, president and chief executive officer of Jazz. "The experience the Acquicor team brings to Jazz underscores our commitment to being a leading technology company."

Jazz was formed in March 2002 as a joint venture between Conexant and The Carlyle Group. Following the merger, Jazz will become a wholly owned subsidiary of Acquicor and will continue to operate as Jazz Semiconductor. Completion of the merger is expected to occur in the first quarter of 2007.