Emcore Corporation based in Albuquerque, New Mexico, announced that it has signed a definitive agreement with a Veritas Capital affiliate.
According to Emcore, an affiliate of Veritas Capital has agreed to purchase its Space Photovoltaics business for $150 million in cash. The transaction is subject to approval of Emcore shareholders and other customary closing conditions. The expected close of the sale, which is not subject to financing, is in December 2014 or January 2015.
Emcore founded its Space Photovoltaics business in 1998 in Albuquerque, NM. The business offers complete satellite solar panels, high-efficiency multi-junction solar cells, coverglass interconnected cells, along with terrestrial applications such as high-efficiency multi-junction solar cells for concentrating solar power systems.
“Veritas Capital is excited to be associated with Emcore’s Space Photovoltaics business. The management and employees at Emcore have an established history of providing leading technology and reliable products to the worldwide satellite industry. We look forward to continuing this excellent track record under our ownership and to working with the Space Photovoltaics team to expand the business,” said Benjamin Polk, Partner of Veritas Capital.
“Veritas’ proven track record of fostering growth in high-technology and defense industry companies makes it an excellent fit for Emcore’s Space Photovoltaics business. Emcore’s Board of Directors and management team believe this transaction will benefit our satellite customers while providing considerable value to our shareholders,” said Dr. Hong Hou, President and CEO of Emcore Corporation.