IQE Completes Acquisition Of NanoGaN Limited
IQEIQE plc (AIM: IQE), the leading global supplier of advanced wafer products and wafer services to the semiconductor industry, has completed the acquisition of UK based NanoGaN Limited (“NanoGaN") for an initial consideration of £0.4m which has been settled by the issue of new shares and cash as announced by the Company on 5 October 2009.
The completion follows the admission to trading on AIM of 5,819,134 New Ordinary Shares (being the Placing Shares and the Consideration Shares) at 8.00 a.m. today. The New Ordinary Shares rank pari-passu with the existing issued Ordinary Shares.
Further consideration of up to £3.2m will be settled on the achievement of future milestones relating to the commercialisation of the intellectual property. IQE has the option to settle the further consideration in shares or cash.
Commenting, Dr Drew Nelson, IQE Chief Executive Officer said:
“This acquisition of NanoGaN represents a major milestone in our technology roadmap, and enables the Group to accelerate its entry into the emerging high growth and large volume markets for blue and green semiconductor lasers as well as the key enabling materials for low energy LED lighting."