The Soitec Group has signed an agreement to acquire privately held Concentrix Solar, in an effort to enter the fast-growing solar industry, capture value through the system level and expand its revenue base as worldwide demand for CPV systems grows.

It is believed that Soitec's technologies in engineered substrates, which are key to improving solar cell performance, complement Concentrix's expertise in high-efficiency CPV systems for solar power plants. As a result, more attractive and competitive value proposition will be delivered to satisfy the growing needs of renewable energy. Additionally, the transaction includes access to the high-efficiency concentrator solar cell technologies from the Fraunhofer Institute for Solar Energy Systems ISE. Simultaneously, Soitec has signed a strategic technology alliance with Fraunhofer ISE and the CEA-Leti.

In total, Soitec has acquired circa 80% of the shares, valuing 100% of Concentrix at 55 million EUR. The remaining 20% of the shares are owned by the Fraunhofer ISE and the company's founders and senior management. Upon closing of the transaction, Concentrix will retain its staff and will operate within a new PV business unit of the Soitec Group.

Morgan Stanley acted as exclusive financial advisor and Winston & Strawn as exclusive legal advisor to Soitec in the transaction.

[source: Soitec]