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IQE to buy UK-based NanoGaN for up to 3.6 mln stg

Mon Oct 5, 2009 3:10am EDT

Stocks

   

* To settle 0.4 mln stg by issue of new shares, cash

* NanoGaN's CEO to become chief scientific adviser to IQE

* Trading strong; confident of meeting FY mkt view

* Shares up 3.57 pct

Oct 5 (Reuters) - British technology firm IQE Plc (IQE.L) said it would buy UK-based NanoGaN Ltd for up to 3.6 million pounds ($5.76 million) to boost its product portfolio and it remained confident of meeting full-year market expectations.

IQE, whose semiconductor wafer products are used in mobile handsets, Wi-Fi, WiMAX, DVDs, laser printers and photocopiers, said trading continued to be strong.

IQE said the acquisition of NanoGaN, which brings with it seven filed patents, would accelerate commercialisation of high-quality blue and green lasers, and solid state lighting (SSL) products for industrial, commercial and residential lighting.

The initial consideration of 0.4 million pounds would be settled by the issue of new shares and cash, the company said in a statement.

IQE -- whose customers include TriQuint Semiconductor Inc (TQNT.O), RF Micro Devices Inc (RFMD.O) and Anadigics Inc (ANAD.O) -- said it had the option to settle the future milestone payments in either shares or cash.

NanoGaN's Chief Executive Professor Wang will become chief scientific adviser to IQE as part of the deal.

IQE's shares were up 3.57 percent at 14.083 pence by 0705 GMT on Monday on the London Stock Exchange. ($1=.6253 Pound) (Reporting by Purwa Naveen Raman in Bangalore; Editing by Deepak Kannan)



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