EMCORE shareholders approve $150 million sale
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- Dan Mayfield
- Reporter- Albuquerque Business First
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Emcore's shareholders on Friday approved the sale of all of the assets used in EMCORE's space photovoltaics business to SolAero Technologies Corp.
The move was not unexpected.
The company announced in September it was selling its Albuquerque-based space photovoltaics business to Veritas Capital for $150 million in cash. The shareholder vote on Friday finalized the deal, which will close on Dec. 10, according to a release from the company.
SolAero is an affiliate of Veritas Capital.
As part of the deal, the EMCORE headquarters will move to Alhambra, California, and the employees and facilities will remain in Albuquerque under the SolAero name. When the announcement was made in September, EMCORE CEO Hong Hou announced he would leave the company but stay in Albuquerque.
"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," Hou said at the time of the announcement. "We are very excited to see our team in the space photovoltaics business partner with Veritas for the next stage of their growth. Veritas' industry expertise and financial resources will enable the business to continue to provide its customers with the reliable, high-performance products and best-in-class customer service that they have come to expect, while also representing a platform from which to grow the business."
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505.348.8308 | dmayfield@bizjournals.com
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