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Molecular Imprints to sell semiconductor business to Canon.

MANews-(C)2009-2014

14 February 2014 - US nanopatterning systems and solutions provider Molecular Imprints Inc, a company in the portfolio of Harris & Harris Group Inc (NASDAQ:TINY), had agreed to divest its semiconductor imprint lithography equipment unit to Japanese Canon Inc (TYO:7751), Harris & Harris said today.

The US-based investor added that it expects to get about USD7m (EUR5.1m) in proceeds from the transaction, including amounts to be held in escrow. The company may also receive a further USD1.7m, conditional on various milestones. The takeover is expected to be completed by April, pending shareholder and government clearances.

As part of the agreement, a new spin-out firm will be established that will retain its original Molecular Imprints name. It will focus on the development and marketing of nanoscale patterning in consumer electronic and biomedical applications and will also enjoy capital, key personnel and rights jointly owned with Canon to MII's intellectual property portfolio, along with multiple system platforms. Harris & Harris Group will be a shareholder of this new entity, it said further.

Country: USA

Sector: Electronics

Target: Molecular Imprints' semiconductor imprint lithography equipment unit

Buyer: Canon Inc

Vendor: Harris & Harris Group Inc, Molecular Imprints Inc

Type: Corporate acquisition

Status: Agreed

Comment: Harris & Harris could get up to USD8.7m as part of the deal.

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Publication:M & A Navigator
Date:Feb 14, 2014
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