23 December 2011

Soitec agrees to buy Altatech

Soitec of Bernin, France, which makes engineered substrates including silicon-on-insulator (SOI) wafers (as well as III-V epiwafers through its Picogiga International division), has entered into a letter of intent to acquire, by the end of January, all of the outstanding shares of Altatech Semiconductor of Montbonnot Saint Martin, near Grenoble, France, which makes wafer inspection and analysis, liquid-vaporization chemical vapor deposition (CVD) and nanoprinting equipment. Earlier this month, Altatech also launched its first product designed specifically for detecting, classifying and characterizing defects on wafers used in manufacturing LEDs.

Soitec reckons that the acquisition of Altatech should enable it to accelerate its development roadmap in electroluminescent diodes, as well as in concentrating photovoltaic (CPV) systems (especially Plug&Sun mini-trackers systems, which Soitec launched on 13 December).

For the purposes of this transaction, Altatech's base value was set to 15m Euros, in line with the independent appraisal carried out at Soitec's request by Oddo Corporate Finance.

The acquisition will be financed partly in cash and partly using Soitec stock. Selling shareholders will be bound by certain holding requirements for the portion of the purchase price to be paid in Soitec stock. BNP Paribas Exane was mandated by Soitec to implement its share buy-back program, as approved by shareholders during the combined ordinary and extraordinary meetings on 24 June, and to purchase on the market the Soitec stock to be allotted to the Altatech selling shareholders as consideration for their shares.

As a result of the personal interest held by Soitec's chairman & CEO André-Jacques Auberton-Hervé in the capital of Altatech (whose supervisory board he chairs), the transaction was carried out by Soitec's finance department and the Audit Committee of the board of directors. The transaction was approved by Soitec's board on 15 November. Auberton-Hervé neither deliberated not voted on the transaction.

The acquisition documentation must be finalized and the final purchase price determined by 25 January.

See related items:

Soitec introduces portable CPV mini-tracker

Altatech enters LED inspection market with AltaSight LEDMax

Tags: Soitec Altatech

Visit: www.soitec.com

Visit: www.altatech-sc.com