Canaccord Genuity Raises Price Target on Cree (CREE) Following Announced Wolfspeed Sale
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Cree to Sell Wolfspeed to Infineon for $850 Million Cash
July 14, 2016 6:02 AM EDTTransaction Sharpens Crees Strategic Focus on LED Lighting
DURHAM, N.C.--(BUSINESS WIRE)-- Cree, Inc. (Nasdaq: CREE), a market leader in LED lighting, today announced execution of a definitive agreement to sell its Wolfspeed Power and RF division (Wolfspeed), which includes the silicon carbide substrate business for power, RF and gemstone applications, to Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) for $850 million in cash.
In 2015, the Company announced its strategy to become a more focused LED lighting company. As... More
Infineon to acquire Wolfspeed for US Dollar 850 million in cash
July 14, 2016 5:55 AM EDTMUNICH and DURHAM, N.C., July 14, 2016 /PRNewswire/ -- Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) and Cree, Inc. (Nasdaq: CREE) announced today that Infineon has entered into a definitive agreement to acquire the Wolfspeed Power and RF division ("Wolfspeed") of Cree. The deal also includes the related SiC wafer substrate business for power and RF power. The purchase price for this planned all-cash transaction is US Dollar 850 million (approximately Euro 740 million). This acquisition will enable Infineon to provide the broadest offering in compound... More
