Oclaro, Inc. (Nasdaq:OCLR)Shares of OCLR surged on Friday's trading session after the company said that it had signed a definitive agreement to sell its Amplifier and Micro-Optics business to II-VI Incorporated (IIVI) for $88.6 million.
The effective date of the closing is dependent upon the receipt of certain regulatory clearances and is expected to be on or around Nov. 1, 2013.
Upon closing, II-VI will pay OCLR $79.6 million in cash. II-VI previously paid OCLR $5 million for a 30-day option to buy the business, which has been credited against the $88.6 million purchase price. The remaining $4 million will be held by II-VI subject to traditional post-closing conditions.
In connection with the agreement, II-VI has purchased the amplifier and related subsystems business, and its micro-optics product lines, including intellectual property, inventory and equipment.
OCLR stock is trading for about $2.04, representing an increase of $0.19 or 10.27%, with more than 2,633,000 shares traded so far
OCLR is one of the largest providers of optical components, modules and subsystems for the optical communications market.
More about Oclaro, Inc. (Nasdaq:OCLR) at www.oclaro.com.
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