II-VI Completes Finisar Acquisition
II-VI Inc. has completed the acquisition of Finisar Corp., which was first announced Nov. 9, 2018. The transaction was made with a combination of term loans and $1.1 billion of the company’s stock.
Under the terms of the agreement, Finisar shareholders will receive on average $15.60 in cash and 0.2218 shares of II-VI common stock per 1.0 share of Finisar common stock, depending on the shareholder’s election.
As a single entity, the combined company will be organized into two segments: Photonic Solutions and Compound Semiconductors. Giovanni Barbarossa, chief strategy officer of II-VI, will serve as president of Compound Semiconductors, and Sunny Sun will serve as president of Photonic Solutions. Sun has served in a number of senior leadership at various photonic companies.
The Compound Semiconductors segment will focus on materials and devices such as those based on gallium arsenide, indium phosphide, gallium nitride, and silicon carbide. The Photonic Solutions segment will leverage II-VI’s compound semiconductor technology platforms to deliver components and subsystems that are differentiated based on deep knowledge of end-user applications for key end markets.
Finisar’s optical communications capabilities that provided components and subsystems will be integrated into II-VI’s portfolio of products, which serves communications, materials processing, aerospace and defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets. The company has a global workforce of 25,000 employees across 70 locations. For more information, visit www.ii-vi.com.
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Published: September 2019
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