II-VI Inc., a developer of engineered materials and optoelectronic components, and Finisar Corp., a global technology leader in optical communications, have announced that they have entered into a definitive merger agreement. Under the agreement, II-VI will acquire Finisar in a cash and stock transaction with an equity value of approximately $3.2 billion. The combination of II-VI and Finisar would unite two innovative companies with complementary capabilities and cultures to form a photonics and compound semiconductor company capable of serving the broad set of fast growing markets of communications, consumer electronics, military, industrial processing lasers, automotive semiconductor equipment, and life sciences. Together, II-VI and Finisar will employ over 24,000 associates in 70 locations worldwide upon closing of the transaction.