MEMC Electronic Buys Solaicx For $76 Million

MEMC Electronic Materials WFR, the maker of silicon wafers for the semiconductor industry, will acquire solar panel maker Solaicx for $76 million in cash. Should Solaicx meet certain performance targets in 2010 and 2011, Solaicx owners can received an additional $27.6 million in cash and MEMC stock, according to the Associated Press. Solaicx is based in California and has 80 staffers. The deal is expected to close at the end of June.