10 December 2014

Emcore closes sale of Space Photovoltaics business to Veritas Capital affiliate for $150m

Emcore Corp of Alhambra, CA, USA, which makes compound semiconductor-based components and subsystems for the fiber-optics market, has completed the sale of its Space Photovoltaics business (announced on 17 September) to SolAero Technologies Corp (formerly known as Photon Acquisition Corp), an affiliate of private equity firm Veritas Capital.

Founded in 1998 and based in Albuquerque, Emcore’s Space Photovoltaics business provides products for space power applications including high-efficiency multi-junction solar cells, coverglass interconnected cells (CICs) and complete satellite solar panels, along with terrestrial applications including high-efficiency multi-junction solar cells for concentrating photovoltaic (CPV) power systems. The assets sold comprise substantially all of Emcore’s Photovoltaics reporting segment, as well as all rights to the buildings owned, and includes about 275 staff in Albuquerque. The Space Photovoltaics business’ fiscal 2013 revenue was $70.5m.

In connection with the closing of the transaction, Emcore received $150m in cash, subject to a post-closing working capital adjustment.

See related items:

Emcore's shareholder approve sale of Space Photovoltaics business to affiliate of Veritas Capital

Emcore’s CEO to step down on sale of Photovoltaics business

Emcore selling space solar business to Veritas Capital

Tags: Emcore

Visit: www.emcore.com

Visit: www.veritascapital.com