Cree completes sale of its LED business to SMART Global Hold

Cree completes sale of its LED business to SMART Global Holdings, Inc.


Cree completes sale of its LED business to SMART Global Holdings, Inc.
Date Announced: 04 Mar 2021
DURHAM, N.C. – Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology through its Wolfspeed
® business, today announced that it has completed the previously announced sale of its LED Products business unit (“Cree LED”) to SMART Global Holdings, Inc. (Nasdaq: SGH) effective today. SMART will now license and incorporate the Cree LED brand name into the SMART portfolio of businesses, and Cree will change its corporate name to Wolfspeed later this year.
 
Under the transaction terms Cree will receive up to $300 million, which consists of a $50 million cash payment at close and a $125 million seller note to be paid upon maturity in 2023. Cree also has the potential to receive an earn-out payment of up to $125 million based on the revenue and gross profit performance of Cree LED in the first full four quarters post-transaction close, also payable in the form of a three-year seller note.

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