agreed to acquire
10% stake in
optical components and devices business in exchange for Corning common stock.
The announcement comes a day after Corning received clearance from the
Federal Trade Commission
to purchase Pirelli's stake in its optical components and devices business for about $3.6 billion.
Pirelli's optical components and devices business makes lasers, components and speciality fibers that are used to transmit information through communications networks at high speeds.
Corning expects the transactions to close concurrently in late December.