Apple supplier Finisar is being acquired for about $3.2 billion by II-VI Inc.

One of Apple Inc.'s (AAPL) suppliers of laser and optical equipment, Finisar Corp.  (FNSR)  , reached a deal to be bought for about $3.2 billion by II-VI Inc.  (IIVI) .

Shares of Finisar closed up significantly at 15.4% higher to hit $21.79 on Friday. II-VI's stock closed down nearly 19% at $38.01.

Under the deal, II-VI is buying Finisar in a "merger" agreement of cash and shares of II-VI common stock. The transaction values Finisar at $26 a share, or about $3.2 billion in equity value. Finisar shareholders would own nearly a third of the combined company.

II-VI is a maker of electronics components, developing engineered materials and opto-electronic components.

Just a year ago, Apple invested $390 million in Finisar to increase the company's research and development and production of a type of laser used in Apple's iPhone X camera.

With the Finisar buy, II-VI said the company would become a "formidable" industry leader in photonics and compound semiconductor products for communications, consumer electronics, military, industrial processing lasers, automotive semiconductor equipment and life sciences.
 
Together, II-VI and Finisar will employ more than 24,000 in 70 locations worldwide, said II-VI.
 
 

More from Technology

Blockchain, Cloud are Keys to IBM Cashing in on Consumer Trends

Blockchain, Cloud are Keys to IBM Cashing in on Consumer Trends

Micron Stock Still Too Early to Buy

Micron Stock Still Too Early to Buy

Resiliency Has Been the Biggest Trend for Xilinx Stock

Resiliency Has Been the Biggest Trend for Xilinx Stock

Chart of the Day: IBM's Spending Habits Could Set a Ceiling on Growth

Chart of the Day: IBM's Spending Habits Could Set a Ceiling on Growth

Qualcomm Falls After Short-Seller Argues It Will Lose FTC Case

Qualcomm Falls After Short-Seller Argues It Will Lose FTC Case