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 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.