Avanex Buying Oplink for $283 Million

FREMONT, Calif., March 20 -- Avanex Corp. has agreed to acquire Oplink Corp. in a stock deal worth about $283 million.

The companies said that the combined company, to be known as Avanex, will be able to rapidly introduce innovative, cost-effective, next-generation products.

"By combining Avanex's leading-edge technology solutions with Oplink's broad range of passive components and low cost manufacturing capabilities, we are creating a new entity that will be a formidable competitor in our industry," Paul Engle, president and chief executive of Avanex said in a statement.