February 26, 2009: Evolutec Group plc has announced the proposed acquisition of Nanoco Tech plc, a nanotechnology company based in Manchester, UK. Once the acquisition is approved by shareholders, the enlarged group will be known as Nanoco Group plc and have a market capitalization of approximately $55.2 million.
The acquisition constitutes a reverse takeover, according to a company news release.
Nanoco is involved in the development and manufacture of fluorescent semiconducting materials called quantum dots.
Nanoco’s business strategy is to work in partnership with quantum dot application developers, the company said, adding that the developers tend to be large global technology companies working to incorporate quantum dots into a specific end use application such as LEDs, displays and solar cells.