MEMC Electronic Materials (WFR) this morning said it agreed to acquire Solaicx, a Santa Clara-based company that developed technology for manufacturing low-cost monocrystalline silicon wafers for the solar industry, for up to $76 million in cash.
The company has about 80 employees and a large-scale production facility in Portland, Oregon.
Terms of the deal call for MEMC to pay current holders $66 million in cash at the closing, plus another $10 million equal to amounts recently invested in the company. The company could pay up to another $27.6 million based on performance.
The deal is expected to close by the end of June.
MEMC expects the deal to be accretive to earnings in 2011.
WFR is up 10 cents, to $11.11.