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Soitec To Acquire Altatech For € 15 Million

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Soitec has
announced a letter of intent for the acquisition of all of the outstanding
shares composing the capital of Altatech Semiconductor.



 

Altatech is a French company
that specialises in the development of highly efficient technologies and
equipment. Located in Montbonnot Saint Martin near Grenoble, the acquisition is
to be completed before the end of January 2012.

 

Altatech's integration
within Soitec shall entitle the latter to accelerate its development roadmap in
the electroluminescent diodes area, as well as in the concentrating
photovoltaic systems, especially the Plug&Sun mini-trackers systems (launch
announced last December 13).

 

For the purposes of this
transaction, Altatech's base value was set to € 15 million, in line with the
independent appraisal carried out at Soitec's request by Oddo Corporate
Finance.

 

The acquisition of all of
the shares composing the capital of Altatech shall be financed partly in cash
and partly using Soitec stock. Selling shareholders shall be bound by certain
holding requirements for the portion of the purchase price to be paid in Soitec
stock.

 

BNP Paribas Exane was
mandated by Soitec to implement its share buy-back program as approved by the
shareholders during the combined ordinary and extraordinary meetings held on
June 24, 2011 and purchase on the market the Soitec stock to be allotted to the
Altatech selling shareholders as consideration for their shares.

 

As a result of the personal
interest held by André-Jacques Auberton-Hervé in the capital of Altatech, whose
supervisory board he chairs, the transaction was carried out by Soitec's
finance department and the Audit Committee of the Board of Directors. The
transaction was approved by a decision of the Board of Directors of Soitec
dated November 15, 2011. André-Jacques Auberton-Hervé neither deliberated not
voted on this transaction.

 

The acquisition
documentation must be finalised and the final purchase price must be determined
before January 25, 2012.

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