Cree to Sell LED Business to SMART Global Holdings for up to $300 Million

EIN SMART CREE 400

Oct 19, 2020

Cree announced that the Company has entered into a definitive agreement to sell its LED Products business unit (Cree LED) to SMART Global Holdings 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.

Cree LED has one of the industry’s widest portfolios of highly efficient LED chips and high-performance LED components and represents one of the strongest brands in the industry. SMART is a global leader in specialty memory, storage and high-performance computing solutions serving the electronics industry for over 30 years. Leveraging SMART’s diverse customer base and global operations, Cree LED will be well positioned to continue to deliver industry leading products.

The transaction is subject to required regulatory approvals and satisfaction of customary closing conditions, and is targeted to close in the first calendar quarter of 2021. Following the closing of the transaction, SMART will license and incorporate the Cree LED brand name into the SMART portfolio of businesses.

Source

Related Articles


Changing Scene

  • Noramco-Announces-Samantha-Boernsen-as-New-Regional-Sales-Manager-Winnipeg

    Noramco Announces Samantha Boernsen as New Regional Sales Manager, Winnipeg

    Please join Noramco in welcoming Samantha Boernsen as Regional Sales Manager, Winnipeg! Samantha brings a wealth of experience in the electrical industry, with a strong focus on lighting, marketing strategy, and customer engagement. She has built her career on connecting technical expertise with real-world application, making her a trusted partner to clients and colleagues alike.… Read More…

  • July 7, 2025 - Light Years Ahead SkyView by BIOS Launches in BC with Mac’s II Agencies

    Light Years Ahead: SkyView by BIOS Launches in BC with Mac’s II Agencies

    Mac’s II Agencies is proud to represent SkyView by BIOS Lighting across British Columbia. As the first agency in BC to bring this innovative brand to market, they are excited to help launch a new chapter for SkyView—a new company rooted in cutting-edge science and committed to wellness through light. This addition to Mac’s II Agencies’ lighting… Read More…


Design

  • What You Need to Consider When Choosing Data Center Lighting

    What You Need to Consider When Choosing Data Center Lighting

    When operating a data center, the lighting syst​em is often not the most concerned part. Actually, lighting system performance directly influences whole electricity consumption and operating costs, especially in a 24-hour non-stop data center. This article will delve into the key factors to be considered when choosing data center lighting. For enterprises that are planning to… Read More…

  • Artika: 5 Advantages of Smart Lighting

    Artika: 5 Advantages of Smart Lighting

    Lighting is arguably one of the most important features of any home. Too bright, and it can be abrasive, increasing your sensitivity to light. Too dim, and it hides the unique characteristics of your home and can have adverse effects on your mood. When you design your home, the type of lighting and fixtures you… Read More…


New Products

  • Beta-Calco: Micro Squiggle – Suspended Continuous Lighting System

    Beta-Calco: Micro Squiggle – Suspended Continuous Lighting System

    The Micro Squiggle is a highly customizable curvilinear lighting system, which features a sleek 1-inch aperture and integrates seamlessly with architectural design. With a variety of curves, straight sections, and joiners, it allows you to create unique configurations that wrap around structural elements, enhancing the space’s architectural expression while meeting your specific design needs. Micro… Read More…

  • RENO Lighting: Lucid Series Ambient Bi-Directional Luminaire

    RENO Lighting: Lucid Series Ambient Bi-Directional Luminaire

    The Lucid Series Bi-Directional Luminaire is an ultra-slim, contemporary light designed for performance. It provides seamless, dot-free upward and downward illumination with a 50/50 direct-indirect distribution. Its translucent lens creates an elegant, diffused glow resembling natural daylight that brings warmth to any environment.​ Designed for modern, design- forward interiors, the Lucid Bi- Directional Luminaire is… Read More…