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Cree to acquire Intrinsic Semiconductor

Posted: 28 Jun 2006 ?? ?Print Version ?Bookmark and Share

Keywords:acquisition? Cree? Intrinsic? silicon carbide? SiC?

Cree Inc., a manufacturer of semiconductor materials and electronic devices made from silicon carbide (SiC), announced it has signed a definitive agreement to acquire privately-held Intrinsic Semiconductor Corp., a company that focuses on the research and development of SiC substrates.

Under the terms of the agreement, Cree will acquire all of the outstanding Intrinsic capital stock and options based on a valuation of $46 million, with approximately $43.5 million to be paid in cash for the outstanding stock and the remainder to be paid through the assumption of outstanding Intrinsic stock options.

"We believe the combination of Cree's technology and manufacturing skill with Intrinsic's ZMP technology will accelerate the commercialization of 100mm and 150mm substrates," said Chuck Swoboda, Cree's chairman and CEO. These substrates should not only support our cost roadmap for LEDs, but more importantly, they should also enable us to commercialize higher-power devices for motor-control applications and hybrid vehicles."

The transaction is expected to be completed during July 2006 and should not have a material impact to Cree's fiscal 2007 earnings. Cree expects to incur approximately $325,000 of nonrecurring costs in completing the acquisition.

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