Thu, Jul. 14, 7:31 AM
- Cree (NASDAQ:CREE) +6.4% premarket after Germany chipmaker Infineon Technologies (OTCQX:IFNNF, OTCQX:IFNNY) agrees to acquire its Wolfspeed Power and RF division for $850M.
- Cree says the deal speeds its transition to a more focused LED lighting company and will use the proceeds, combined with improved free cash flow, to fund acquisitions and support additional stock buybacks.
- Cree also provides an FQ4 update, saying preliminary revenue came in at the upper end of its target range at ~$388M.
- Infineon says Wolfspeed will complement last year's acquisition of International Rectifier, a maker of low-power, energy efficient chips.
Jul. 9, 2015, 10:51 AM
- Cree (CREE +0.9%) is acquiring Arkansas Power Electronics (APEI), a developer of diodes, thyristors, MOSFETs, IGBTs, and other power management chips/modules delivering high power densities and efficiencies. Terms are undisclosed.
- APEI will join Cree's Power/RF chip unit, which is set to go public. Like Cree, APEI's power management chips are often made using silicon carbide (SiC).
- Cree declares the purchase will "[infuse] the Power and RF business with additional intellectual property and applications expertise at the systems level," and help it "accelerate delivery of a full spectrum of SiC power modules to meet customer requirements for performance and cost."
Nov. 12, 2014, 3:53 PM
- Philips (PHG +0.4%) has "attracted bids from several private equity groups for the majority of its lighting components business," Reuters reports. Bain, KKR, and other firms are said to have made offers in the €2.5B-€3B ($3.1B-$3.7B) range.
- The report comes two months after Philips announced it's spinning off its lighting unit. Prior to that, the company combined its Lumileds (LED) and car lights businesses, and has reportedly hired Morgan Stanley to find a buyer for them.
- Cree (CREE +3%), which has often been the subject of M&A rumors (some of them involving Philips) over the years, has rallied today.
Jun. 30, 2014, 12:35 PM
- Both Philips (PHG +4%) and Cree (CREE +3.4%) are up strongly after Philips announced it's merging its Lumileds LED component unit with its automotive lighting business to create a standalone company, and will "explore strategic options to attract capital from third-party investors for [the] business."
- The move could be fueling hopes Philips will try to merge the unit with Cree, which competes against Lumileds in an LED component market that has seen intense price competition. As it is, Cree has often been the subject of M&A rumors (some of them involving Philips).
- Philips, for its part, argues spinning off Lumileds and automotive lighting will help them grow sales to customers who currently view Philips as a rival. The company adds its internal lighting business will be focused on system/lamp sales going forward, and that it's open to an IPO for the spinoff.
Jun. 13, 2014, 12:34 PM| Jun. 13, 2014, 12:34 PM | 7 Comments
Nov. 15, 2011, 11:35 AMCree (CREE +1.4%) took off once again on takeover rumors, but has since given back some of its gains; it's been speculated for years that lighting giants GE and Philips (PHG) might be interested in making a bid. As always, the company says it won't comment on rumors. (October) | Nov. 15, 2011, 11:35 AM
Oct. 7, 2011, 3:43 PM
Aug. 17, 2011, 4:56 PM
Cree (CREE) is acquiring Ruud Lighting, a maker of outdoor LED lighting products, for $525M in cash and stock. Following the acquisition, which Cree expects to be accretive to non-GAAP FY12 earnings, the company expects FQ1 2012 EPS to be at the low end of its prior guidance range of $0.25-$0.28. CREE -4.6% AH. (PR)| Aug. 17, 2011, 4:56 PM