II-VI’s acquisition of Finisar approved by both firms’ shareholders

The acquisition of fiber-optic communications component and subsystem maker Finisar of Sunnyvale, CA by engineered materials and optoelectronic component maker II-VI of Saxonburg, PA, USA (announced on 9 November) has been approved overwhelmingly at special meetings of the respective companies’ shareholders: 97% of the shares of II-VI common stock voting at II-VI’s special meeting voted to approve the proposal to issue II-VI shares pursuant to the merger agreement, and 99% of the shares of Finisar common stock voting at Finisar’s special meeting voted to approve the proposal to adopt the merger agreement.

Since the merger announcement, our shareholders have gained an appreciation of the long-term value creation that the unique breadth and depth of this combination will enable,” says II-VI’s president & CEO Dr Vincent D. Mattera Jr.Meanwhile, the feedback from our major customers in the communications and consumer markets continues to be overwhelmingly positive, due to the high complementarity of our enabling technology, intellectual property, product portfolios and global footprint,” he adds.

While the two companies continue to operate independently, the integration teams are working together to ensure a seamless integration and transition,” says Finisar’s CEO Michael Hurlston. “We see the positive overlap between our cultures, the mutual appreciation for our companies’ capabilities, the exceptional synergy potential, and the energizing outlook for our future.

The merger is expected to be completed in mid-2019. The 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.

II-VI and Finisar say that their combination will unite two firms with complementary capabilities and cultures to form a photonics and compound semiconductor company capable of serving the broad set of fast-growing markets of communications, consumer electronics, military, industrial processing lasers, automotive semiconductor equipment and life sciences. Together, they will employ more than 24,000 people in 70 locations worldwide.