MEMC completes Solaicx acquisition

MEMC Electronic Materials, a manufacturer of wafers to the semiconductor and solar industries, has completed the acquisition of privately held company Solaicx.

At closing, MEMC paid the initial merger consideration of $66m (£44m) in cash, plus an additional amount in cash of approximately $10m, which is equal to amounts that have recently been invested in Solaicx by its existing security holders.

The acquisition is expected to be accretive to earnings per share in 2011.

As a result of the acquisition, MEMC now has access to proprietary continuous crystal growth manufacturing technology that yields low-cost, high-efficiency monocrystalline silicon wafers for the photovoltaic solar industry.