MEMC Electronic Materials Inc. has reached a definitive agreement to acquire privately held Solaicx, headquartered in Santa Clara, Calif.Â
The combined company will have low-cost polysilicon and crystal operations in North America and sales and support offices around the world. Solaicx has approximately 80 employees and a large-scale production facility in Portland, Ore.
Under the terms of the agreement, MEMC will pay to the existing securityholders of Solaicx at closing cash in the amount of $66 million, plus an additional amount in cash equal to amounts which have been recently invested in, or which may be invested prior to closing in Solaicx by its existing securityholders.
The acquisition is expected to close by the end of June 2010, subject to customary closing conditions, including Solaicx shareholder approval, and the receipt of regulatory approvals.Â Â