Cree

Canaccord Genuity acts as exclusive financial advisor to Cree, Inc. (Nasdaq GS:CREE) on the pending sale of its Lighting Products business unit (“Cree Lighting”) to IDEAL INDUSTRIES, INC.

Canaccord Genuity is pleased to announce that on March 15, 2019, Cree, Inc. entered into a definitive agreement to sell its Lighting Products business unit (“Cree Lighting”) to IDEAL INDUSTRIES, INC.  The purchase price is approximately $310 million before tax impacts, including up-front and contingent consideration and the assumption of certain liabilities.

Cree Lighting designs, manufactures and sells LED lighting fixtures, lamps and corporate lighting solutions for commercial, industrial and consumer applications.  Cree, Inc. is an innovator of power and radio frequency (RF) semiconductors, lighting class LEDs and lighting products.

IDEAL is a fourth-generation, family-owned, growing global company, serving as a market leader in electric power control and management. Cree Lighting’s portfolio and SmartCast® Technology are complementary to IDEAL’s advanced control business and channel of suppliers, distributors, agents, and customer relationships.

The closing of the transaction is anticipated to occur in the second quarter of calendar 2019 and is subject to receipt of required regulatory approvals and satisfaction of customary closing conditions.

The Canaccord Genuity team consisted of Dan Coyne, Marc Marano, Chris DiPietro, Austin Murphy, and Taylor Murphy.