Pittsburgh-based material and laser manufacturer II-VI Inc. (NASDAQ: IIVI) is prepared to close its acquisition of Sunnyvale, California-based Finisar Corp. (NASDAQ: FNSR) any day now, as the company awaits regulatory approval.
The acquisition of the optical communications company will double the company’s employee count, bringing it to about 24,000 people in 70 locations. The acquisition will also double the company’s revenue, which hit $1.2 billion in 2018, according to Mark Lourie, director of corporate communications at II-VI.
The deal has an equity value of about $3.2 billion.
Lourie said the acquisition makes sense for II-VI because of Finisar’s complementary product line, which includes technology platforms that would take a long time for II-VI to invest in independently.
“We believe that these types of products, together with ours, will allow us to meet the market windows to enable us to benefit from some of the latest megatrends,” Lourie said. “For example, in cloud computing and the build out of the 5G wireless infrastructure and, down the road, LIDAR and augmented reality.”
II-VI presented several recently-added products at the Laser World of Photonics event in Munich this week. Those included a remote laser processing head with seam tracking to enable high precision welding and the first commercially available laser cutting head with zoom optics optimized for ring-shaped laser beams.