ALBUQUERQUE, USA: EMCORE Corp., a leading provider of compound semiconductor-based components, subsystems, and systems for the fiber optics and space solar power industries, announced that it has entered into a definitive agreement with an affiliate of private equity firm Veritas Capital, under which an affiliate of Veritas has agreed to purchase EMCORE's Space Photovoltaics business for $150 million in cash.
The transaction is subject to approval by EMCORE's shareholders and other customary closing conditions and is currently expected to close in December 2014 or January 2015. The transaction is not subject to a financing condition.
In connection with this transaction, an affiliate of Veritas has entered into a voting agreement with certain shareholders of EMCORE, including certain directors and officers of the Company, that control in the aggregate approximately 11 percent of the voting power of the company, under which they have agreed to vote their shares in favor of the transaction.
EMCORE's Space Photovoltaics business was founded in 1998 and is based in Albuquerque, NM. The business provides products for space power applications including high-efficiency multi-junction solar cells, coverglass interconnected cells and complete satellite solar panels, along with terrestrial applications, including high-efficiency multi-junction solar cells for concentrating photovoltaic power systems.