SAN JOSE, Calif.
Oct. 10, 2013
. (NASDAQ: OCLR), a leading provider and innovator of optical communications solutions, today announced that it has signed a definitive agreement to sell its Amplifier and Micro-Optics business (the Business) to
The effective date of the closing is dependent upon the receipt of certain regulatory clearances and is expected to be on or about
, 2013. Upon closing, II-VI will pay Oclaro
in cash. II-VI previously paid Oclaro
for a 30-day option to buy the Business, which has been credited against the
purchase price. The remaining
will be held by II-VI subject to traditional post-closing conditions.
"The sale of our amplifier business to II-VI is another important milestone in Oclaro's reinvention and return to financial stability," said
, Oclaro CEO. "This transaction is another validation of the value of our technology, intellectual property and, most importantly, our people. The infusion of cash from our recent transactions with II-VI are critical catalysts to further our restructuring and turnaround plans."
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. II-VI will also hire approximately 145 employees of Oclaro, primarily located in
San Jose, CA
. Revenues for the Business were approximately
for the fiscal year ended
Service agreements will be established between the companies to ensure a smooth transition for our customers.