Cree, Inc., a market leader in LED solid-state lighting, yesterday (3rd) announced that it has completed the acquisition of privately held LED Lighting Fixtures, Inc. ("LLF"). Cree's agreement to acquire LLF was announced February 8, 2008.
 
At closing, Cree issued 1,852,335 shares of common stock and paid approximately $16.45 million in cash in exchange for LLF shares. Cree also assumed outstanding LLF stock options. Additional cash consideration of up to $26.4 million may be payable over the next three years tied to new product milestones and key employee retention.

This acquisition expands Cree's market opportunity by providing direct access to the lighting market. Cree's business now encompasses LED chips, components and lighting solutions. It further enables Cree to drive retrofit solutions to convert existing lighting infrastructure to energy-efficient lighting and to accelerate the adoption of LED lighting.

"The new Cree LED Lighting Solutions team is delivering industry-leading LED lighting products and working to set the standard for 21st century energy-efficient lighting," said Chuck Swoboda, chairman and chief executive officer of Cree. "We are out to lead the LED lighting revolution and to obsolete the lightbulb."

The company plans to announce financial results for its third fiscal quarter, ending on March 30, after market close on April 22 and will provide additional information about the acquisition at that time.