In a move to increase its resources and become a more focused LED lighting company, leading LED manufacturer Cree announced the execution of a definitive agreement to sell its Power & RF business (“Wolfspeed”) to Infineon yesterday. In May 2015, the company had announced its decision to spin-off its Power & RF business into a separate publicly traded company, with a proposed name of Wolfspeed. The company was expected to execute the IPO of Wolfspeed in fiscal 2016. (Read Cree’s Press Release) However, Cree said that it never executed the IPO because it was approached by other companies interested in purchasing its Power & RF business.

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