Veritas Waits for an EMCORE of Space Photovoltaics
September 22, 2014
Veritas Capital has agreed to purchase the Space Photovoltaics business of EMCORE (NASDAQ: EMKR) for $150 million in cash, with the deal expected to close in December 2014 or January 2015. Founded in 1998, the Space Photovoltaics business provides products for space power applications including high-efficiency multi-junction solar cells, coverglass interconnected cells and complete satellite solar panels. Its fiscal 2013 revenue was $70.5 million. Through the deal, Veritas will acquire all rights to the segment's buildings and access to its approximately 275 employees.