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II-VI Incorporated Announces Signing Of Agreement To Purchase Oclaro, Inc.'s Fiber Amplifier And Micro-Optics Business

PITTSBURGH, Oct. 10, 2013 (GLOBE NEWSWIRE) -- II-VI Incorporated (Nasdaq:IIVI) announced today that it has signed an asset purchase agreement to acquire the fiber amplifier and micro-optics business (the "Business") of Oclaro, Inc. (Nasdaq:OCLR) in a transaction valued at $88.6 million. The effective date of the closing is dependent upon the receipt of certain regulatory clearances and is expected to close on or about November 1, 2013. II-VI had previously disclosed its interest in the Business on September 12, 2013 when II-VI disclosed it had purchased for $5 million an exclusive option to acquire the Business.

The acquisition of the Business will complement the Zurich, Switzerland–based semiconductor laser business of Oclaro that was acquired by II-VI on September 12, 2013 and is consistent with the Company's strategy to focus on precision engineered materials and opto-electronic component businesses. The Business will be included in the Company's Active Optical Products Segment for financial reporting purposes.

Francis J. Kramer, president and chief executive officer of II-VI Incorporated, stated "We are pleased to add a broad portfolio of world-class, fully customized solutions to provide customers with end-to-end design and manufacturing support to enable the rapid realization of customer-specific amplification and micro-optics solutions. We will leverage the telecom laser pump product line we recently purchased from Oclaro, and the Business will benefit from the complementary product portfolio and capabilities of our Photop business unit. The Business and its team come to us as a recognized industry leader, and are well positioned with a broad technology and product portfolio which is underpinned by over 400 patents. We look forward to serving the customers of the Business, and we welcome our most recent employees to the II-VI family of companies."

Additional Transaction Details

At closing, II-VI will pay $79.6 million in cash to Oclaro, $4 million of cash will be held back by II-VI until December 31, 2014, and the remaining $5 million was previously paid to Oclaro on September 12, 2013 as an option to purchase the Business.

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