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SMART Global Holdings Inc. entered into an agreement with Cree Inc. to purchase the Cree LED Products business. The acquisition is valued at up to $300 million.
SMART, a developer of electronics industry solutions for the memory, computing, and storage markets, will absorb CREE LED’s portfolio of LED chips and components. The addition will support SMART’s business expansion into specialty lighting solutions, said Mark Adams, president and CEO of SMART Global Holdings.
“This transaction uniquely positions Cree with a sharpened strategic focus to lead the industry transition from silicon to silicon carbide,” said Gregg Lowe, CEO of Cree.
Per terms of the agreement, SMART will make an initial cash…READ MORE