Nov 9 (Reuters) – Laser and optical components maker II-VI Inc said on Friday it would buy Apple Inc supplier Finisar Corp for about $3.2 billion, to expand in consumer electronics and fast-growing sectors such as autonomous vehicles.
II-VI will pay Finisar shareholders $26 per share in cash and stock, a premium of 37.7 percent to Finisar’s closing share price on Thursday.
The acquisition of Finisar, which makes lasers used in Apple’s iPhone cameras, will also allow II-VI to bulk up ahead of the global launch of 5G network.
The deal is expected to close in the middle of calendar year 2019, the company said. BofA Merrill Lynch is the financial adviser to II-VI, while Barclays advised Finisar.
(Reporting by Uday Sampath in Bengaluru; Editing by James Emmanuel and Sriraj Kalluvila)