One of Apple Inc.'s (AAPL) - Get Apple Inc. (AAPL) Report suppliers of laser and optical equipment, Finisar Corp.  (FNSR) - Get Finisar Corporation Report  , 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.

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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.