EMCORE Announces Closing of Sale of its Space Photovoltaics Business to an Affiliate of Veritas Capital for $150 Million

Date Announced: 10 Dec 2014

ALHAMBRA, Calif., Dec. 10, 2014 (GLOBE NEWSWIRE) -- EMCORE Corporation (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.

Source: Emcore

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