Oclaro (OCLR) to Sell Its Amplifier and Micro-Optics Business, Shares Soar on Trading Session
Oclaro, Inc. (Nasdaq: OCLR)
Shares of OCLR surged on Friday's trading session after the company said that it has 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 about November 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.
Full Disclaimer at www.pennyomega.com/disclaimer
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.