Cree, Inc. (Nasdaq: CREE), a market leader in silicon-carbide (SiC) power and radio frequency (RF) products has acquired APEI, a global leader in power modules and power electronics applications in a deal it says will help it further disrupt and expand its market.
Combining two highly complementary companies, Cree says, the enables Cree’s Power and RF business to extend its leadership position and help to accelerate the market for high-performance, best-in-class SiC power modules. Financial details were not disclosed.
The companies have already collaborated on multiple government contracts. In 2014, they co-developed a high-performance slicon carbide-based plug-In hybrid electric vehicle battery charger on an ARPA-E program resulted in an R&D 100 award, recognizing the 100 most innovative technology advancements of the year.
Cree says the acquisition give the company extra intellectual property and a team of industry experts.
Frank Plastina, executive vice president, Cree Power and RF said in a statement that “Adding this expert team of innovators and portfolio of patents will enable us to further disrupt and expand the market. Extending our research and development capabilities with APEI, a leader in wide bandgap power R&D, will help us accelerate delivery of a full spectrum of SiC power modules to meet customer requirements for performance and cost.”
The APEI team, now Cree Fayetteville, Inc., will continue to be based in Fayetteville, AR., and will operate as part of Cree’s Power and RF business. Under the terms of the agreement, Cree will acquire APEI in a merger transaction. The transaction is not targeted to have a material impact on Cree’s fiscal 2016 earnings.
www.cree.com
