Cree Purchases Intrinsic Semiconductor

Cree Inc. of Durham, N.C., a supplier of semiconductor materials and electronic devices made from silicon carbide (SiC) has acquired Intrinsic Semiconductor Corp., a developer of low-defect-density SiC substrates. Cree will integrate the Dulles, Va., company’s technology into its materials product line to speed the development of large-diameter, high-quality SiC wafers, which are expected to enable new high-power semiconductor devices and more cost-effective LEDs.

Under terms of the agreement, Cree acquired Intrinsic’s capital stock and options based on a valuation of $46 million, paying approximately $43.5 million in cash for the outstanding stock and the remainder through the assumption of outstanding Intrinsic stock options.