MIELF - Coherent Stock Soars As Mitsubishi Electric DENSO Pour In $1B - Here's More | Benzinga
Coherent Corp. (NYSE: COHR) shares are trading higher after the company clinched an investment worth $1 billion from Mitsubishi Electric Corp. (OTC: MIELF) and DENSO CORPORATION (OTC: DNZOF) in its silicon carbide business.
Under the transaction terms, DENSO and Mitsubishi Electric will each invest $500 million in exchange for a 12.5% non-controlling ownership interest in the business, with Coherent owning the remaining 75%.
The transaction will enable Coherent to increase its available free cash flow to provide greater financial and operational ...