SMART Global Holdings Inc. entered into an agreement with Cree Inc. to purchase the Cree LED Products business. Cree LED comprises a … Cree’s management team will host a conference call to discuss the transaction as well as the Company’s strategic transformation and an updated long-term financial outlook, and host a question and answer session. Buil ds on Leadership as Global Provider of Specialty Solution s with Entrance into Niche LED Lighting Markets. “As a leader in LED technology with a highly respected brand and expansive patent portfolio, Cree LED has a track record of delivering best-in-class solutions through well-established distribution and sales channels,” said Mark Adams, President & CEO of SMART Global Holdings. Cree, Inc. (Nasdaq: CREE) today announced that the Company has entered into a definitive agreement to sell its LED Products business unit ("Cree LED") to SMART Global Holdings, Inc. (Nasdaq: SGH) for up to $300 million, including fixed upfront and deferred payments and contingent consideration. The SMART lines of business are leading designers and manufacturers of electronic products focused on memory, computing and storage technology areas. Cree’s LED product families include blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications. SMART has a strong platform and a solid track record of successfully acquiring and integrating businesses with a focus on specialty solutions.”, Compelling Strategic and Financial Benefits, Mr. Adams continued, “We see meaningful upside opportunity at Cree LED as we leverage SMART’s proven operating system and believe that with renewed focus, strong operating discipline, transformative manufacturing expertise, and synergistic cost benefits, we will deliver significant shareholder value.”. By excluding these charges, as well as any related tax effects, our non-GAAP results provide information to management and investors that is useful in assessing SMART’s core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. A Cree news release reveals that the company is swelling its LED unit for an upfront price of $50 million. SMART specializes in application specific product development and support for customers in enterprise, government and OEM sales channels. SMART, a developer of electronics industry solutions for the memory, computing, and storage markets, will absorb CREE LED’s portfolio of LED chips and components. Cree Completes Sale of its LED Business to SMART Global Holdings, Inc. Cree will change its corporate name to Wolfspeed later this year. JavaScript seems to be disabled in your browser. SMART will license and incorporate the Cree LED brand name into the SMART portfolio of businesses. © 2021 GlobeNewswire, Inc. All Rights Reserved. // , Upon closing, creates a pure-play global semiconductor powerhouse focused on providing disruptive technology solutions to high-growth segments including EV, 5G and industrial applications. We define Adjusted EBITDA as GAAP net income (loss) plus net interest expense, income tax expense, depreciation and amortization expense, share-based compensation expense, loss on extinguishment of debt/revolver, capped call mark to market (MTM) adjustment, restructuring expenses, integration expenses, COVID-19 expenses, acquisition-related expenses, gain on settlements and other infrequent or unusual items. These non-GAAP financial measures are also used by management to evaluate financial results, to plan and forecast future periods, and to assess performance of certain executives for compensation purposes. This release contains, and statements made during the above-referenced conference call or contained in our investor presentation will contain “forward-looking statements” including among other things, statements regarding future events and the future financial performance of SMART (including the business outlook for the next fiscal quarter) and statements regarding growth drivers in SMART’s industries and markets. In addition, these measures may not be used similarly by other companies and therefore may not be comparable between companies. SMART Global Holdings, Inc. October 19, 2020 GMT. Date: October 19, 2020Time: 8:00am Eastern Time (ET)Webcast: https://investor.cree.com/financial-events-presentations. SMART is a global leader in specialty solutions serving the electronics industry for over 30 years across the memory, computing, and storage markets. Transformative Acquisition Significantly Advances Growth and Diversification Strategy, Builds on Leadership as Global Provider of Specialty Solutions with Entrance into Niche LED Lighting Markets, Expected to be Immediately Accretive to Non-GAAP EPS and Free Cash Flow. for (var input = document.querySelectorAll('input[data-name]'), i = 0, li = input.length; i < li; ++i) { Read the Release. Cree LED comprises a broad portfolio of highly efficient LED chips and high-performance LED components and represents one of the strongest global brands in the LED business. Adjusted EBITDA also does not purport to represent cash flow provided by, or used in, operating activities in accordance with U.S. GAAP and should not be used as a measure of liquidity. [CDATA[ https://investor.cree.com/financial-events-presentations, Transaction represents a key milestone in Cree’s transformation to focus on silicon carbide and gallium nitride devices, as well as materials, Consideration includes $50 million upfront payment; $125 million seller note and up to $125 million earn-out. SMART operates in three primary product areas: Specialty Memory products, Brazil products and Specialty Compute and Storage Solutions. Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology through its Wolfspeed(R) business, today announced that it has completed the previously announced sale of its LED Products business unit ("Cree LED") to SMART Global Holdings, Inc. (Nasdaq: SGH) effective today. For additional product and Company information, please refer to www.cree.com. Enables Cree to Sharpen Focus on Silicon Carbide Opportunity; Continues SMART’s Growth and Diversification Strategy. 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. SMART Global Holdings (SGH) announced today that it has completed its acquisition of Cree, Inc.’s Cree LED Products business unit. SMART Global Holdings, Inc. (“SGH” or “SMART” or the “Company”) (NASDAQ: SGH), today announced that it has completed its acquisition of Cree, Inc.’s (NASDAQ:CREE) Cree LED Products business unit (“Cree LED”). “The closing of our acquisition of Cree LED represents an important milestone in our growth and diversification strategy,” said Mark Adams, President & CEO of SMART Global Holdings . SMART Global Holdings announced that it has completed its acquisition of Cree, Inc.’s Cree LED Products business unit (“Cree LED”). DURHAM, N.C. – Cree, Inc. (Nasdaq: CREE) today announced that the Company has entered into a definitive agreement to sell its LED Products business unit (“Cree LED”) to SMART Global Holdings, Inc. (Nasdaq: SGH) for up to $300 million, including fixed upfront and deferred payments and contingent consideration. Up to 1860 Lumens from a single-die LED component. Oct 19, 2020 6:14AM EDT (RTTNews) - Cree, Inc. (CREE) announced agreed Monday to sell its LED Products business unit to SMART Global Holdings, Inc. (SGH) for up … Global Provider of Specialty Solutions Expands into Specialty LED Lighting SMART Global Holdings , Inc. (“SGH” or “SMART” or the “Company”) (NASDAQ: SGH), today announced that it has completed its acquisition of Cree, Inc.’s (NASDAQ:CREE) Cree LED Products business unit (“Cree LED”). SMART Global Holdings Completes the Acquisition of Cree LED. Claude Demby joined SMART Global Holdings as Senior Vice President and President of Cree LED through the acquisition of Cree LED on March 1, 2021. })(); “This transaction uniquely positions us with a sharpened strategic focus to lead the industry transition from silicon to silicon carbide and further strengthens our financial position, which will support continued investments to capitalize on multi-decade growth opportunities across EV, 5G and industrial applications. SMART Global Holdings, Inc. (“SGH” or “SMART” or the “Company”) (NASDAQ: SGH), today announced that it has completed its acquisition of Cree, Inc.’s (NASDAQ:CREE) Cree LED Products business unit (“Cree LED”). Cree, Inc. to sell LED Business to SMART Global Holdings, Inc. for up to $300 Million OCTOBER 19, 2020 Upon closing, creates a pure-play global semiconductor powerhouse focused on providing disruptive technology solutions to high-growth segments including EV, 5G and industrial applications Copyright © 2021 Cree, Inc. All rights reserved. An Interview with Mark Adams, President and CEO of SMART Global Holdings and Acquirer of Cree LED. Except as required under the U.S. federal securities laws and the rules and regulations of the SEC, Cree disclaims any intent or obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise. The transaction is subject to required regulatory approvals and satisfaction of customary closing conditions. The acquisition is valued at up to $300 million. Read the Release. SMART Global Holdings a annoncé avoir conclu un accord définitif avec Cree pour acheter la division commerciale Produits LED de Cree (« Cree LED ») pour un montant maximum de 300 millions de dollars, dont une partie en cash et le reste en paiements différés, soumis à certaines conditions. Cree va vendre son activité Led à Smart Global Holdings pour un montant maximal de 300 M$. SMART Global Holdings to Acquire Cree’s LED Business. Randy: In the investor call you mentioned this was your second due diligence with Cree. The presentation of this additional information is not meant to be a substitute for the corresponding financial measures prepared in accordance with U.S. GAAP. input[i].name = input[i].getAttribute('data-name'); Cree Donates $4M to N.C. A&T to Support Prominent STEM Programs. Brings extensive global manufacturing and automotive leadership. by Randy Reid October 20, 2020 This morning, your humble editor had a call with Mark Adams, President and CEO of SMART Global Holdings to discuss their acquisition of Cree LED. Smart Holdings has a global, diversified customer base of over 250 customers includes some of the most well-recognized names in the technology industry. SMART, based in Newark, California, United States, specialises in co mponents, modules and storage solutions for OEMs in computing, networking, communications, storage, mobile and industrial markets. Read the Release . Posted on 03/05/2021 1094 . } Leveraging SMART’s comprehensive global platform and proven operational excellence, Cree LED will be well positioned to continue to deliver industry-leading LED products and solutions. (function () { Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. Under the terms of the agreement, which has been approved by the boards of directors of both companies, SMART will make an initial cash payment of $50 million upon closing and an additional $125 million in a seller-financed note payable interest only until a balloon payment due in August 2023. “I’m not sure I would agree conglomerates are going out of style,” he said after agreeing to acquire the LED business of Cree. SMART Global Holdings to Acquire Cree’s LED Business. SMART Global Holdings to Acquire Cree’s LED Business. Cette transaction représente une étape clé dans la transformation de l'entreprise qui préfère se se concentrer sur les dispositifs en carbure de silicium et nitrure de gallium même si ce montant peut paraître faible aux yeux des observateurs de cette industrie malmenée par la conjoncture actuelle. Cree has entered into a definitive agreement to sell its LED Products business unit to SMART Global Holdings for up to $300 million. SMART and its subsidiaries operate in a continually changing business environment and new factors emerge from time to time. Cree, Inc. to sell LED Business to SMART Global Holdings, Inc. for up to $300 Million Upon closing, creates a pure-play global semiconductor powerhouse … Transformative Acquisition Significantly Advances Growth and Diversification Strategy. Forward-looking statements should not be relied upon as a prediction of actual results. Were you considering … Actual results, including with respect to Cree’s ability to complete the transaction on time or at all, Cree’s targeted earnout payment and plans to grow the Wolfspeed business, could differ materially due to a number of factors, including but not limited to, risks associated with divestiture transactions generally, including the inability to obtain, or delays in obtaining, required regulatory approvals, issues, delays or complications in completing carveout activities to allow Cree LED to operate on a standalone basis after the closing, including incurring unanticipated costs to complete such activities; the ability of Cree LED to generate sufficient revenue and gross profit in the first full four quarters post-transaction close to result in payment of the targeted earnout payment or any earnout payment; the ability of SMART to pay the note used to finance the transaction; risks associated with integration or transition of the operations, systems and personnel of Cree LED, each, as applicable within the term of the post-closing transition services agreement between SMART and Cree; unfavorable reaction to the sale by customers, competitors, suppliers and employees; the risk that costs associated with the transaction will be greater than Cree expects; risks relating to the COVID-19 pandemic that might delay or otherwise impact Cree’s ability to complete the transaction or transition operations and employees as Cree anticipates; and other factors discussed in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10-K for the fiscal year ended June 28, 2020, and subsequent reports filed with the SEC. SMART is a global leader in specialty solutions serving the electronics industry for over 30 years across the memory, computing, and storage markets. NEWARK, Calif., Oct. 19, 2020 (GLOBE NEWSWIRE) --  SMART Global Holdings, Inc. (Nasdaq: SGH) today announced that it has entered into a definitive agreement with Cree, Inc. (Nasdaq: CREE) to purchase the Cree LED Products business unit (“Cree LED”) for up to $300 million, including fixed upfront and deferred payments and contingent consideration. Cree is an innovator of Wolfspeed® power and radio frequency (RF) semiconductors and lighting class LEDs. Certain non-GAAP financial measures are contained in this press release or will be discussed on our conference call, including non-GAAP EPS and cash flow, non-GAAP gross profit, non-GAAP operating income, Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per diluted share. Cree sells LED business to Smart Global Holdings led by Mark Adams (UPDATED) High-power LED pioneer Cree is divesting the LED business via a deal with Smart Global Holdings, with the acquisition price said to be upwards of $300 million depending on contingencies. Customers rely on SMART as a strategic supplier with top tier customer service, product quality, and technical support with engineering, sales, manufacturing, supply chain and logistics capabilities worldwide. (US toll-free) +1-866-487-6452  /  (International toll) +1 213-660-0710. SMART cannot predict such factors, nor can it assess the impact, if any, from such factors on SMART or its subsidiaries’ results. We are excited about this transformational transaction and look forward to welcoming the Cree LED team to the SMART family.”, “We are pleased to announce the sale of our LED Products business to SMART, which represents another key milestone in our transformational journey to create a pure-play global semiconductor powerhouse,” said Cree CEO Gregg Lowe. SMART is a global leader in specialty memory, storage and high-performance computing solutions serving the electronics industry for over 30 years. Establishes Cree as pure-play semiconductor powerhouse, focused on silicon carbide. The purchase includes fixed upfront and deferred payments, in addition to contingent consideration. These forward-looking statements are made as of today, and SMART does not intend, and has no obligation, to update or revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release, except as required by law. Following the close of the transaction, which is expected to occur in the first calendar quarter of 2021, SMART expects to license and incorporate the Cree LED brand and trademarks into the SMART portfolio of businesses. SMART has a strong platform and a solid track record of successfully acquiring and integrating technology businesses.”. The seller-financed notes will accrue interest at an annual rate of LIBOR plus 3% payable quarterly. Cree, Inc. announced it has completed the previously announced sale of its LED Products business unit to SMART Global Holdings, Inc. effective March 1. Cree Inc of Durham, NC, USA, which provides silicon carbide (SiC) technology through its Wolfspeed business, has completed the sale of its LED Products business unit (Cree LED) to SMART Global Holdings Inc. SMART will now license and incorporate the Cree LED brand name into the SMART portfolio of businesses, and Cree will change its corporate name to Wolfspeed later this year. Adjusted EBITDA is not a measure of financial performance calculated in accordance with U.S. GAAP and should be viewed as a supplement to, not a substitute for, our results of operations presented on the basis of U.S. GAAP. These non-GAAP financial measures are provided to enhance the user’s overall understanding of our financial performance. 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. These forward-looking statements represent Cree's judgment as of the date of this release. Cree Completes Sale of its LED Business to SMART Global Holdings, Inc. MARCH 1, 2021 DURHAM, N.C. – Cree, Inc. (Nasdaq: CREE), the global leader in silicon carbide technology through its Wolfspeed ® business, today announced that it has completed the previously announced sale of its LED Products business unit (“Cree LED”) to SMART Global Holdings, Inc. (Nasdaq: SGH) effective today. You must have JavaScript enabled in your browser to utilize the functionality of this website. “As the leader in LED lighting technology with a highly respected brand and expansive patent portfolio, Cree has a track record of delivering best-in-class solutions and I am very excited about the opportunities that lie ahead for Cree LED as part of the SMART portfolio of products.”. SMART Global Holdings, (Nasdaq : SGH) a annoncé aujourd'hui avoir conclu un accord définitif avec Cree, (Nasdaq : CREE) pour acheter la division commerciale Produits LED de Cree (« Cree LED ») pour un montant maximum de 300 millions de dollars, dont une partie en cash et le reste en paiements différés, soumis à certaines conditions. A replay of the conference call will be accessible for one week following the call as follows: Replay:  +1-855-859-2056 (US), or +1-404-537-3405 (International); Passcode: 3097954; or through the Investors section of the SMART website at www.smartgh.com. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the anticipated benefits of the transaction, including future financial and operating performance. Enables Cree to Sharpen Focus on Silicon Carbide Opportunity; Continues SMART’s Growth and Diversification Strategy. 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. Cree Completes Sale of its LED Business to SMART Global Holdings, Inc. Cree announced it has completed the previously announced sale of its LED Products business unit to SMART Global Holdings… The non-GAAP financial results presented herein or discussed on our conference call exclude share-based compensation expense, intangible amortization expense, loss on extinguishment of debt/revolver, capped call MTM adjustment, convertible debt original issue discount (OID) and fees, restructuring expenses, integration expenses, COVID-19 expenses, acquisition-related expenses, gain on settlements and other infrequent or unusual expenses, and with respect to non-GAAP diluted EPS, foreign currency gains (losses). About SMART Global Holdings – SGH SGH is comprised of business units that are leading designers and manufacturers of electronic products focused on … In connection with the transaction, Morgan Stanley & Co. LLC is acting as financial advisor and Smith Anderson is acting as legal advisor to Cree. “We are pleased to announce the sale of our LED Products business to SMART, which represents another key milestone in our transformational journey to create a pure-play global semiconductor powerhouse,” said Cree CEO Gregg Lowe. Cree 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, payable in the form of a three-year seller note. Such factors and risks as outlined above and in such filings may not constitute all factors and risks that could cause actual results of SMART to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. SUNY Poly Students Receive Cree | Wolfspeed Scholarships. Mr. Demby joined Cree in 2014 and most recently served as SVP and General Manager of Cree LED. E xpected to be Immediately Accretive to Non-GAAP EPS and Free Cash Flow. Cree, Inc. Appoints Marvin Riley to Board of Directors. SMART targets customers in markets such as communications, storage, networking, mobile, industrial automation, industrial internet of things, government, military, edge computing and high performance computing. SMART is a global leader in specialty solutions serving the electronics industry for over 30 years across the memory, computing, and storage markets. Leveraging SMART’s diverse customer base and global operations, Cree LED will be well positioned to continue to deliver industry leading products. SMART Global Holdings to Acquire Cree’s LED Business Transformative Acquisition Significantly Advances Growth and Diversification Strategy Builds on Leadership as Global … SMART Global Holdings to Acquire Cree’s LED Business Provided by GlobeNewswire. Investor RelationsSuzanne SchmidtInvestor Relations for SMART+ 1 (510) 360-8596ir@smartm.com, Media RelationsMaureen O’Leary Sr Marcom/PR Manager+1 (602) 330-6846maureen.o’leary@smartm.com. Cree’s Wolfspeed product families include silicon carbide materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace. 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. “This transaction uniquely positions Cree with a sharpened strategic focus to lead the industry transition from silicon to silicon carbide. Barclays is acting as financial advisor and O’Melveny & Myers is acting as legal advisor to SMART. For webcast details visit Cree’s website at investor.cree.com. The conference call will be available to the public through a live audio web broadcast via the internet. A live webcast and the accompanying presentation relating to the transaction will be available in the “Investors” section of SMART’s website at www.smartgh.com in advance of the conference call. Oct 19, 2020 10:01 AM UTC. … “The addition of Cree LED significantly advances our growth and diversification strategy. This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Cree’s actual results to differ materially from those indicated in the forward-looking statements. The New XLamp XM-L3: The best and brightest keep getting better and brighter. SMART Global Holdings Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4) in Connection with Cree LED Acquisition. Cree® and Wolfspeed® are registered trademarks of Cree, Inc. Cree Investor Relations Contact: Tyler Gronbach Cree, Inc. VP, Investor Relations Phone: 919-407-4820 investorrelations@cree.com, Cree Media Contact: Joanne Latham Cree, Inc. VP, Corporate Marketing Phone: (919) 407-5750 media@cree.com. “We are thrilled to welcome Cree LED to the SMART family,” said Mark Adams, President and CEO of SMART Global Holdings. Read the Release. Cree announced it has completed the previously announced sale of its LED Products business unit to SMART Global Holdings, Inc. effective today. For more information about SMART Global Holdings business units, please refer to www.smartm.com. SMART Global Holdings to Purchase Cree LED October 19, 2020 Perry Cohen SMART Global Holdings announced it has entered an agreement with Cree to purchase its LED Products business unit, known as Cree LED, for upwards of $300 million. Cree LED comprises a … 55% Brighter than XM-L2. SMART will also host a conference call to discuss the transaction. 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. These statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including but not limited to: our inability to obtain or delays in obtaining all regulatory approvals and otherwise completing all steps required to close on the acquisition of Cree LED; issues, delays or complications in completing the acquisition of Cree LED or in the transitioning the carveout of Cree LED to a standalone business separate from Cree, Inc.; incurring unanticipated costs in completing the acquisition of Cree LED; the ability of Cree LED to generate anticipated revenue and profits post-transaction close; risks associated with integration or transition of the operations, assets, systems and personnel of Cree LED; unfavorable reaction to the sale by customers, competitors, suppliers and employees of Cree LED; risks relating to the COVID-19 pandemic that might delay or otherwise impact our ability to complete the transaction or transition operations and employees of Cree LED; business and economic conditions and growth trends in the technology industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; disruptions in our operations or in global markets as a result of the outbreak of COVID-19; changes in trade regulations or adverse developments in international trade relations and agreements; changes in currency exchange rates; overall information technology spending; appropriations for government spending; the success of our strategic initiatives including additional investments in new products, additional capacity and acquisitions; the DRAM market and the temporary and volatile nature of pricing trends; deterioration in customer relationships; production or manufacturing difficulties; competitive factors; technological changes; difficulties with or delays in the introduction of new products; slowing or contraction of growth in the memory market in Brazil; reduction in or termination of incentives for local manufacturing in Brazil; changes to applicable tax regimes or rates; prices for the end products of our customers; fluctuations in material costs and availability; strikes or labor disputes; deterioration in or loss of relations with any of our limited number of key vendors; changes in the availability of supply of materials, components or memory products; the inability of Penguin Computing to obtain and retain security clearances to expand its government business; and other factors and risks detailed in SMART’s filings with the Securities and Exchange Commission. “The closing of our acquisition of Cree LED represents an important milestone in our growth and diversification strategy,” said Mark Adams, President CEO of SMART Global Holdings.