Cree to sell LED business to SMART Global Holdings for up to $300 millionChristian Fernsby ▼ | October 19, 2020
Cree announced that the company has entered into a definitive agreement to sell its LED Products business unit (Cree LED) to SMART Global Holdings for up to $300 million, including fixed upfront and deferred payments and contingent consideration.
SMART Cree LED
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. ■