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25 August, 2006 - 15:59 By Staff Reporter

IQE acquires Emcore in £8.7m deal

Epiwafer foundry IQE, which has a manufacturing facility in Milton Keynes, has completed its acquisition of component and subsystem maker Emcore Corporation Inc’s Electronic Materials Division (EMD), one of the top five third-party epiwafer foundries, for £8.7m.This comprises an initial payment of just over £7m, plus £1.63m payable in four equal quarterly payments subject to 7.5 per cent interest per annum.

For its financial year to end-September 2005, EMD’s revenue was £6.64m.

The deal is being largely financed by a share placement that is designed to raise £12m.

EMD provides foundry production of electronic epitaxial materials, with a focus on the wireless markets, and has concentrated on HBT-based technologies for power amplifier applications, as well as integrated BiFET and GaN structures.

IQE claims the acquisition has created “the leading global outsource supplier of current and next-generation products into the wireless marketplace.

These include pHEMT, HBT, integrated BiFET and advanced GaN technologies, the company says.

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