SAN FRANCISCO—Electronic materials vendor Soitec SA said it would acquire all of the outstanding shares of French chip equipment company Alatech Semiconductor SA by the end of January 2012.
For the purposes of the transaction, Alatech's value was set to 15 million euro (about $19.6 million), Soitec (Bernin, France) said.
Soitec said Alatech's integration would enable the company to accelerate its development roadmap in the electroluminescent diodes area, as well as in the concentrating photovoltaic systems.
The acquisition of all of the shares composing the capital of Altatech will be financed partly in cash and partly using Soitec stock. Soitec said. Selling shareholders shall be bound by certain holding requirements for the portion of the purchase price to be paid in Soitec stock, the company said.
As a result of the personal interest held by 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 of directors on Nov. 15. Auberton-Hervé neither deliberated not voted on the transaction, Soitec said.
The acquisition documentation must be finalized and the final purchase price must be determined before Jan. 25, 2012, Soitec said.