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On March 12, 2007, Cree Inc. signed an agreement to acquire Cotco Luminant Device Ltd., a privately held Hong Kong supplier of high-brightness LEDs, for $200 million in cash and stock. Cree said the deal would give it strategic access to China’s important, fast-growing solid-state-lighting market.
What was the Cree–Cotco deal?
Cree announced a definitive agreement to acquire Cotco Luminant Device Ltd. on March 12, 2007. Cotco was a privately held company based in Hong Kong and described as a supplier of high-brightness LEDs in China. The announced transaction consideration was $200 million, paid in cash and Cree stock.
Chuck Swoboda, then Cree’s chairman and CEO, said: “This acquisition is the next step in our strategy to enable the solid-state lighting revolution.”
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The stated rationale was access to a market and supply chain. Cree presented Cotco as a foothold in China’s high-brightness LED business and a way to advance its position in solid-state lighting. The contemporaneous EE Times report called that market important and fast-growing.
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- Product Overview: 200 pcs LED Diodes + 300 pcs Resistors
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- Product Parameters: Red,Yellow,Orange,Yellow-Green: DC 2.0V; Other Colors: DC 3.0V (IF=20mA) / 0.06 Watts / 2pin / DIP LEDs
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The announcement does not provide Cotco’s revenue, production capacity, customers, or market share. It therefore supports the market-access explanation, but not a more specific claim about the scale of Cotco’s operations or the deal’s expected financial return.
How much did Cree pay, and what were the share terms?
The reported consideration was $200 million in cash and stock. The agreement also included a shareholders’ arrangement for Cotco Holdings, which accepted a restriction on selling or transferring the Cree shares it received at closing.
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- For one year after closing, Cotco Holdings could not sell or transfer those shares.
- After the one-year restriction, it could sell or transfer up to 50 percent of them.
What did the agreement establish—and what remains unclear?
The 2007 report establishes the proposed acquisition, its announced price and consideration mix, the parties’ share-transfer terms, and Cree’s stated strategic rationale. It does not establish whether the transaction later closed, what happened to Cotco’s operations afterward, or how Cree’s LED business is structured today. The announcement should be understood as a historical deal report, not as a description of Cree’s current business.
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