Coherent closes $1B sale of 25% stake in silicon carbide business to DENSO and Mitsubishi Electric

COHERENT CORP.

DENSO and Mitsubishi Electric each invested $500M for a 12.5% non-controlling interest; Coherent retains 75%.
Long-term supply agreements signed for 150mm and 200mm SiC substrates and epitaxial wafers.
Business will fund future capex and opex from the investment; Coherent gains free cash flow flexibility.
SiC TAM expected to grow from $3B in 2022 to $21B in 2030, representing 28% CAGR.
Sohail Khan continues to lead the business; Coherent retains control and operation.

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