EMCORE Sells Space Photovoltaics Business To Veritas For $150 Mln - Quick Facts

(RTTNews) - EMCORE Corp (EMKR) said Wednesday it has agreed to sell its Space Photovoltaics business to an affiliate of private equity firm Veritas Capital for $150 million in cash.

The transaction is expected to close in December 2014 or January 2015.

In connection with this transaction, an affiliate of Veritas has entered into a voting agreement with certain shareholders of EMCORE, including certain directors and officers of the Company, that control in the aggregate approximately 11% of the voting power of the company, under which they have agreed to vote their shares in favor of the transaction.

EMCORE's Space Photovoltaics business was founded in 1998 and is based in Albuquerque, NM. The business provides products for space power applications, and generated revenue of $70.5 million in fiscal 2013.