SMART Global Holdings announced that it has entered into a definitive agreement with Cree to acquire the Cree LED Products business unit for up to $300 million.
SMART has been active in the memory, computer and storage markets for over 30 years. Cree LED comprises a broad portfolio of high-efficiency LED chips and high-performance LED components and is recognized as one of the strongest global brands in the industry. By leveraging SMART's comprehensive global platform, Cree LED will be able to continue to provide industry-leading LED products and solutions.
"Cree LED has a proven track record of delivering market-leading solutions through well-established distribution and sales channels," said Mark Adams, President and CEO of SMART Global Holdings (pictured). "The addition of Cree LED is a significant advancement in our growth and diversification strategy. We see this transaction as a significant opportunity to expand our specialty lighting business and continue to generate value for our customers, employees and shareholders."
For his part, Gregg Lowe, CEO of Cree, said, "We are pleased to announce the sale of our LED products business to SMART, which represents another milestone in our transformation journey to create a major player, a global semiconductor powerhouse. This transaction positions Cree exceptionally and unequivocally with a clear strategic focus to lead our transition from silicon to silicon carbide.
With operations in the US, China and Hong Kong, Cree LED supplies over 1,000 customers, both through direct sales and a strong global network of distributors.
