Summary
II-VI Incorporated (now Coherent Corp.) announced on October 11, 2013, that it has entered into a definitive Asset Purchase Agreement to acquire certain assets of Oclaro Technology Limited related to Oclaro's fiber amplifier and micro-optics business. This strategic acquisition, valued at $88.6 million, is expected to enhance II-VI's capabilities and market position in these specialized areas of photonics. The transaction includes a cash payment of $79.6 million at closing, with a $4.0 million hold-back for potential post-closing adjustments. An additional $5.0 million was previously paid upon securing an exclusive option to acquire the business. The deal is subject to customary regulatory clearances, and II-VI anticipates a smooth transition with the implementation of transition and manufacturing services agreements.
Key Highlights
- 1II-VI Incorporated has signed an Asset Purchase Agreement to acquire Oclaro's fiber amplifier and micro-optics business.
- 2The total transaction value is $88.6 million.
- 3The acquisition will be funded by $79.6 million in cash at closing, plus a $4.0 million hold-back for adjustments.
- 4A $5.0 million payment was previously made for an exclusive option to acquire the business.
- 5The deal is contingent upon receiving necessary regulatory approvals.
- 6Transition and manufacturing services agreements will be established to ensure operational continuity.
- 7This acquisition aims to strengthen II-VI's position in the fiber amplifier and micro-optics markets.