Semiconductors, LED and lighting products developer Cree has announced that it is to sell its Lighting Products business unit ("Cree Lighting"), which includes LED lighting fixtures, lamps and corporate lighting business for commercial, industrial and consumer applications, to Ideal Industries for approximately $310 million before tax impacts. The deal is scheduled to be completed in 4Q, 2019. Cree is expecting to receive an initial cash payment of $225 million, subject to purchase price adjustments, and has the potential to receive a targeted earn-out payment of approximately $85 million based on an adjusted EBITDA metric for Cree Lighting over a 12-month period beginning two years after the transaction closes.
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