JDS Uniphase, E-Tek Announce Merger Agreement

JDS Uniphase Corp. of San Jose, Calif., and Nepean, Ontario, Canada, and E-Tek Dynamics Inc. of San Jose announced that they have signed a merger agreement valued at approximately $15 billion. Under the proposed stock swap, E-Tek would become a wholly owned subsidiary of JDS Uniphase. The deal, which they expect to complete by June, is subject to approval by E-Tek's stockholders and by federal regulators.

In expectation of the transaction, the companies have signed a mutual supply agreement to increase production. E-Tek manufactures passive components for telecommunications, including wavelength division multiplexers, isolators, couplers and integrated optics. JDS Uniphase produces a range of components and subsystems for optical networking, including optical filters through its pending acquisition of Optical Coating Laboratory Inc. of Santa Rosa, Calif.

In related news, OCLI announced that a stockholder meeting, scheduled to approve its own merger with JDS Uniphase, would be adjourned until Feb. 4 to consider the development.