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II-VI Inc. and Finisar Corp. have moved closer to merging with the approval of each company’s shareholders, advancing the probability of an anticipated midyear closing date.
Under the agreement, II-VI will acquire Finisar in a cash and stock transaction with an equity value of approximately $3.2 billion.
Holders of 97 percent of II-VI common stock shares voting at II-VI’s special meeting approved the proposal to issue shares of II-VI common stock pursuant to the merger agreement, and holders of 99 percent of Finisar common stock shares voting at Finisar’s special meeting approved the proposal to adopt the merger agreement.
The merger filing is under review in China by the State Administration for Market Regulation (SAMR), in Mexico by the Federal Economic Competition Commission, and in Romania by the Romanian Competition Council.
The combination of II-VI and Finisar would unite the two companies with complementary capabilities and cultures to form an industry-leading photonics and compound semiconductor company capable of serving the broad set of fast-growing markets in communications, consumer electronics, military, industrial processing lasers, automotive semiconductor equipment, and life sciences.
Together, II-VI and Finisar will employ more than 24,000 associates in 70 locations worldwide upon merging.READ MORE