Smith Anderson client Cree, Inc. (Nasdaq: CREE), a market leader in LED lighting, announced the execution of a definitive agreement to sell its Wolfspeed Power and RF division to Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY), a world leader in semiconductor solutions, for $850 million in cash.
Cree’s Wolfspeed division is a leading provider of silicon carbide power semiconductors and gallium nitride radio frequency, or RF, semiconductors that are used in high-power and wireless infrastructure applications. Silicon carbide, or SiC, and gallium nitride, or GaN, are wide bandgap semiconductor materials.
Chuck Swoboda, Cree Chairman and CEO, is quoted in the Cree press release as having said: "Selling Wolfspeed to Infineon speeds our transition to a more focused LED lighting company while providing significant resources to accelerate our growth.” He continued, “We believe this is the right decision for the company, as it unlocks value, increases management focus on the core business and supports our mission to build a more valuable LED lighting technology company.”
The closing of the transaction is expected by the end of 2016 and is subject to customary closing conditions and regulatory approvals.
To view the Cree press release, please click here.
Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, lighting products and semiconductor products for power and radio frequency (RF) applications.
Cree's product families include LED lighting systems and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree's products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and inverters.
For additional product and Company information, please refer to www.cree.com.