Oclaro (OCLR) Completes Thin Film Business Sale; Receives Initial $23M Payment

December 4, 2012 5:02 PM EST
Oclaro (NASDAQ: OCLR) nnounced that it has completed the sale of the assets of its Santa Rosa thin film filter business to Photop Technologies, Inc., a wholly-owned subsidiary of II-VI Incorporated (NASDAQ: IIVI), a global leader in engineered materials and opto-electronic components. As part of the agreement, Oclaro also sold its interleaver product line to Photop Koncent, Inc. (FuZhou), a wholly owned subsidiary of II-VI. The transactions were completed on December 3, 2012.

Initial proceeds of $23 million were received on December 3, 2012. Total consideration to Oclaro for these transactions will be in the form of cash proceeds of $27 million, including the $23 million received on December 3, 2012, plus $3 million payable on or before December 28, 2012, and $1 million to be held in escrow until December 31, 2013.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Mergers and Acquisitions

Add Your Comment