Smart Global rises on $166 mln stake sale in Brazilian unit

Penguin Solutions

13/06/2023 16:07

** Shares of semiconductor co Smart Global Holdings  SGH.O 
up 4.6% at $24.84
    ** SGH to sell an 81% interest in its unit Smart Brazil for
$166 mln in cash to an affiliate of Shenzhen Longsys Electronics
 301308.SZ  
    ** Under the deal terms, SGH will receive $137.7 mln upfront
in cash and the remaining amount 18 months after the deal closes
    ** Co adds that transaction is expected to close by the end
of 2023
    ** Including session's gains, stock up 66.3% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))