Enablence finds buyer for Swiss subsidiary

Enablence Technologies has negotiated the sale of its wholly owned Swiss subsidiary, Enablence Switzerland (ENA Switzerland), to Albiva Holdings for a total purchase price of $2 million and the repayment of an intercompany loan over the next 12 months.

The company announced it was looking to raise money and might sell its Swiss photodiode business [1] in July.

The transaction is expected to close by Nov. 23, subject to the satisfaction of certain conditions and receipt of certain regulatory approvals.

Albiva is a company whose directors include the management of ENA Switzerland, backed by European-based private investors.