II-VI Buys LightWorks Optics for Initial $31M in Cash
II-VI Incorporated (Nasdaq: IIVI) announced today that it has acquired all of the outstanding shares of LightWorks Optics, Inc. (LightWorks). The initial consideration consisted of cash of approximately $31 million. In addition, the agreement provides for approximately $4 million of cash earn-out opportunities based upon LightWorks achieving certain future financial targets and is subject to customary closing adjustments including a working capital adjustment.
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