- Acquisition is valued at approximately $45.0M in cash due at closing with a $2.5M earn out
- Business to be a division of II-VI Photonics segment
- The Company’s guidance for the quarter is unchanged
PITTSBURGH, June 19, 2017 (GLOBE NEWSWIRE) — II‐VI Incorporated (NASDAQ:IIVI), a leader in engineered materials and optoelectronic components, today announced the acquisition of Integrated Photonics, Inc., headquartered in Hillsborough, NJ, in a cash transaction valued at approximately $45.0 million at closing and with a $2.5 million earn out.
Integrated Photonics was founded in 2000 as a spin-out of the magneto-optic materials group of AT&T Bell Labs. Integrated Photonics is a leader in engineered magneto-optic materials that enable high-performance directional components such as optical isolators for the optical communications market.
Optical isolators based on magneto-optic materials are embedded in transceivers with edge emitting lasers and in optical amplifiers. They are widely deployed in datacenters and the global optical network infrastructure at a pace that is accelerated by the rapidly growing bandwidth demand for enterprise and consumer applications, including cloud computing and emerging 5G wireless services.
“The magneto-optic materials engineered at Integrated Photonics are second to none as evidenced by their leading market position and their scalable production lines now running at …