Emcore Corp of Albuquerque, NM, USA, which makes compound semiconductor-based components and subsystems for the fiber-optic and space solar power markets, says that a special meeting of its shareholders has approved the sale of its Space Photovoltaics business to SolAero Technologies Corp, an affiliate of private equity firm Veritas Capital, pursuant to the asset purchase agreement of 17 September between Emcore and SolAero.
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 being sold (for $150m in cash, subject to working capital adjustments) 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.
The transaction is expected to close on or about 10 December (subject to the satisfaction or waiver of the remaining conditions to closing).
