Soitec has announced a letter of intent for the acquisition of all of the outstanding shares composing the capital of Altatech Semiconductor.
Altatech is a French company that specialises in the development of highly efficient technologies and equipment. Located in Montbonnot Saint Martin near Grenoble, the acquisition is to be completed before the end of January 2012.
Altatech's integration within Soitec shall entitle the latter to accelerate its development roadmap in the electroluminescent diodes area, as well as in the concentrating photovoltaic systems, especially the Plug&Sun mini-trackers systems (launch announced last December 13).
For the purposes of this transaction, Altatech’s base value was set to € 15 million, in line with the independent appraisal carried out at Soitec’s request by Oddo Corporate Finance.
The acquisition of all of the shares composing the capital of Altatech shall be financed partly in cash and partly using Soitec stock. Selling shareholders shall 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 the shareholders during the combined ordinary and extraordinary meetings held on June 24, 2011 and 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 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 a decision of the Board of Directors of Soitec dated November 15, 2011. André-Jacques Auberton-Hervé neither deliberated not voted on this transaction.
The acquisition documentation must be finalised and the final purchase price must be determined before January 25, 2012.