24th Mar 2014 12:40
LONDON (Alliance News) - IQE PLC said Monday its minority stake in Solar Junction Corp had been acquired by a new strategic investor as part of the investor's acquisition of Solar Junction, but IQE's long-term wafer supply agreement using Solar Junction's technology will be unaffected by the acquisition.
The company said that a return to shareholders from the sale of IQE's Solar Junction stake will be deferred and contingent on specific aspects of Solar's future business development.
The identify of the investor, and the details of the acquisition were not disclosed.
IQE had a 9.8% interest in San Jose, California-based Solar Junction, which it acquired for USD5 million in February 2012 in order to get exclusive rights to supply the company with high efficiency advanced Concentrated PhotoVoltaic wafers using Solar's technology.
Shares in IQE were trading down 4.2% at 23.94 pence early Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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