Solectron to sell Smart Modular

Solectron Corp. has signed a definitive agreement to sell Smart Modular Technologies Inc. and its other affiliated Smart Modular Technologies companies to Texas Pacific Group, Francisco Partners, and Shah Management.

Under the terms of the agreement, Texas Pacific Group, Francisco Partners and Shah Management will acquire Smart Modular for about $100 million in cash. Solectron will retain Smart Modular's Aguadilla and Mayaguez, Puerto Rico, sites that perform electronics assembly services.

Smart Modular is a manufacturer of memory and communications products for the computing, networking and telecommunications industries.