LEX News
Cree LED Sold for (up to) $300M Total; Only $50M Cash
Cree, Inc. (Nasdaq: CREE) today announced that the Company has entered into a definitive agreement to sell its LED Products business unit (“Cree LED”) to SMART Global Holdings, Inc. (Nasdaq: SGH) for up to $300 million, including fixed upfront and deferred payments and contingent consideration.
Under the terms of the agreement, which has been approved by the Company’s board of directors, Cree expects to receive an initial cash payment of $50 million upon closing and $125 million to be paid upon maturity of a seller note issued by SMART to Cree due August 2023. 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.
Hubbell Lighting Introduces SpectraClean™ Visible Light Disinfection Technology for Commercial and Industrial Markets
Hubbell Lighting, a world leader in lighting innovation, announced today it has commercially launched a series of visible light disinfection SpectraClean™ luminaires to the market.
Signify and Boston University validate effectiveness of Signify’s UV-C light sources on inactivating the virus that causes COVID-19
Cooper Lighting Solutions is leveraging more than 35 years in UV-C lighting expertise from its parent company, Signify, to address the growing global need for the disinfection of air, surfaces and objects. Its UV-C lighting is well-proven and trusted as an effective disinfectant. This was recently validated in laboratory testing - Signify's UV-C light sources inactivated 99% of SARS-CoV-2 virus on a surface with an exposure time of 6 seconds.*
Studio Italia Design Becomes LODES
Bartco Lighting Integrates BIOS SkyBlue - Technology in New Linear Product Line-Swell
Bartco Lighting and BIOS Lighting are partnering together to bring simple human-centric lighting solutions to commercial, hospitality and institutional spaces across the U.S. Bartco Lighting is proud to offer Swell – a U.S made, new series of light fixtures that can help improve sleeping patterns, health and well-being.