EMCORE has agreed to sell its space solar business to private equity firm Veritas Capital for $150 million in cash. Word of the sale triggered a rally in the stock last week. EMCORE also says its CEO has resigned in connection with the sale.
There's another deal in the medical devices industry. Integra LifeSciences (NASDAQ:IART) is buying medical instrument lines from Medtronic (NYSE:MDT). The transaction is valued at about $60 million in cash. The purchase includes about 4,000 surgical instruments, along with Medtronic's factory in France. Medtronic is trying to buy Dublin-based Covidien for about $43 billion, in a so-called tax inversion deal. Sonic (NASDAQ:SONC) says it expects to report earnings and sales growth for fiscal 2015, thanks to new menu technology.
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The company says the new systems will help servers take orders faster and reduce errors. Sonic operates 1950's-style carhop restaurants, whose servers deliver food and drinks to vehicles while wearing roller skates.