EMCORE Corporation (NASDAQ: EMKR) has entered a share purchase agreement with Tangshan Caofeidian Investment Corporation (TCIC) to develop a joint venture. TCIC is a Chinese investment company located in the Caofeidian Industry Zone. This zone is a rapidly developing area in the Bohai Rim Economical Region with an investment of $26.4 billion, and hosts many corporations and enterprises.
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The agreement allows for TCIC to purchase a 60% interest in EMCORE's Fiber Optics business, which will operate as a joint venture following the transaction. The new joint venture entity, will go by the name of EMCORE Fiber Optics, Ltd. (EFO), and registered in Hong Kong. Pursuant to the agreement TCIC will pay around $27.8 million in cash and provide an additional $27 million in funding to EFO after the closing.
EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optic, satellite and solar power markets.
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