Emcore: Sale of Space Photovoltaics Business
ALBUQUERQUE, New Mexico - EMCORE Corporation (EMKR) a leading provider of compound semiconductor-based components, subsystems, and systems for the fiber optics and space solar power industries, announces that at a special meeting of EMCORE's shareholders, shareholders approved the previously announced sale of substantially all of the assets primarily related to or used in EMCORE's Space Photovoltaics business to SolAero Technologies Corp. (f/k/a Photon Acquisition Corporation), an affiliate of private equity firm Veritas Capital ("SolAero"), pursuant to the asset purchase agreement, dated as of September 17, 2014, as amended, by and between EMCORE and SolAero (the "Space Transaction").
The Space Transaction is expected to close on or about December 10, 2014, subject to the satisfaction or waiver of the remaining conditions to closing.
EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the fiber optics and space solar power industries. 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. EMCORE's Space Photovoltaics business segment provides products for space-power applications including high-efficiency multi-junction solar cells, Coverglass Interconnected Cells (CICs) and complete satellite solar panels. For further information about EMCORE, visit http://www.EMCORE.com.
About Veritas Capital
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services to government and commercial customers worldwide including those operating in aerospace & defense, healthcare, technology, national security, communications, energy and education. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas Capital and its current and past investments, visit www.veritascapital.com.