Emcore Corp. has sold its space photovoltaics business to SolAero Technologies Corp, a portfolio company of Veritas Capital, for $150 million in cash. Emcore is a provider of semiconductor-based components and subsystems for the fiber optics sector.
ALHAMBRA, Calif., Dec. 10, 2014 (GLOBE NEWSWIRE) — EMCORE Corporation (Nasdaq:EMKR), a leading provider of compound semiconductor-based components and subsystems for the fiber optics market, today announced that it completed the previously announced sale of its Space Photovoltaics Business to SolAero Technologies Corp. (f/k/a Photon Acquisition Corporation), an affiliate of private equity firm Veritas Capital (“SolAero”). In connection with the closing of the transaction, EMCORE received $150 million in cash consideration, subject to a post-closing working capital adjustment.
EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the fiber optics markets. EMCORE’s Fiber Optics business segment provides optical components, subsystems and systems for high-speed telecommunications, Cable Television (CATV) and Fiber-To-The-Premise (FTTP) networks, as well as products for satellite communications, video transport and specialty photonics technologies for defense and homeland security applications. For further information about EMCORE, visit http://www.emcore.com.