DURHAM, NC – Intrinsic Semiconductor, a developer of semiconductor materials and device technologies, has signed a deal to be acquired by Durham-based Cree for $46 million, primarily in cash.

Cree, which makes semiconductor materials and electronic devices from silicon carbide (SiC), stated that the deal will allow it to more quickly develop larger diameter SiC wafers, the basis for high power semiconductor devices and lower cost LEDs.

The deal is expected to close in July.

Intrinsic, which currently occupies a 20,000-square-foot semiconductor manufacturing facility in Sterling, Va., boosted its offerings two years ago with the acquisition of Bandgap Technologies and AMDS.

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