EMCORE Corporation, a leading provider of compound semiconductor-based components and subsystems for the fibre optics market, today announced that it completed the previously announced sale of its Space Photovoltaics Business to SolAero Technologies Corp.

SolAero is an affiliate of private equity firm Veritas Capital. In connection with the closing of the transaction, EMCORE received $150m in cash consideration, subject to a post-closing working capital adjustment.