Nitres Reveals Terms of Merger Accord With Cree

Nitres Inc. in Westlake Village has agreed to merge with Cree Inc. Under the terms of the agreement, Cree will acquire all of the outstanding and vested shares of Nitres stock in exchange for 1.5 million shares of Cree common stock and 500,000 unvested shares, in a transaction worth about $252 million, a Nitres spokeswoman said.

Nitres develops nitride-based semiconductor devices. Cree develops and manufactures semiconductor materials and electronic devices made from silicon carbide. Nitres will become a wholly owned subsidiary of North Carolina-based Cree Inc., called Cree Lighting Co., a California corporation with facilities in Westlake Village and Goleta.