Saxonburg-based laser and infrared technology company II-VI announced that it has acquired Swiss semiconductor laser company Oclaro Inc. in a $115 million deal.
The deal included a $92 million cash payment with Oclaro retaining $15 million in accounts receivable from the business. II-VI will hold back $6 million in cash for 15 months from the date of the close as well as an additional $2 million for possible working capital adjustments.
Additionally, II-VI paid $5 million for an exclusive option to buy Oclaro's amplifier and micro optics business for $88 million in cash.
If II-VI does not take action on the option in 30 days it expires and the payment is retained by Oclaro.
II-VI president Francis J. Kramer said in a press release the acquisition will help the company broaden its portfolio of services and that the business will be included as a new operating segment within the company.