Product category:
Optical Transceivers, Transponders and Repeaters
News Release from: Bookham
Edited by the Electronicstalk Editorial
Team on 25 September 2003
New Focus for Bookham
Bookham Technology has signed a definitive agreement to acquire New Focus, a leading provider of photonics and microwave solutions to non-telecomms diversified markets.
Bookham Technology has signed a definitive agreement to acquire New Focus, a leading provider of photonics and microwave solutions to non-telecomms diversified markets Under the proposed transaction, Bookham will issue approximately 84 million new ordinary shares taking into account the assumed exercise of New Focus stock options in a share-for-share transaction which currently values the transaction at approximately GBP 117.6 million ($190.5 million)
This article was originally published on Electronicstalk on 28 Feb 2008 at 8.00am (UK)
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The stockholders of New Focus may elect to receive the shares in the form of new ordinary shares or Bookham American Depository Shares.
Immediately prior to the completion of the acquisition, New Focus will make a cash distribution of approximately GBP 86 million ($140 million) to its stockholders by way of a capital repayment.
After consideration of this distribution and anticipated net cash outflows prior to completion, New Focus' cash at the anticipated closing date in December 2003, net of expected transaction costs, is expected to be approximately GBP 65 million ($105 million).
The proposed transaction, which has been unanimously approved by the boards of directors of both companies, is a continuation of Bookham's consolidation strategy.
The proposed acquisition of New Focus is expected to increase the critical mass of Bookham's non-telecomms business, diversify its customer base, contribute low cost manufacturing facilities and provide significant additional cash resources.
New Focus is a leading provider of photonics and microwave solutions to non-telecomms diversified markets, including the semiconductor, defence, research, industrial, biotech/medical and telecomms test and measurement industries.
Important product solutions include tunable lasers, microwave RF amplifiers, optoelectronics, photonics subsystems and photonic tools.
New Focus's operations are located in San Jose, California, where the company employs approximately 200 people.
The company also has a manufacturing facility in Shenzhen, China.
New Focus had a market capitalisation of approximately GBP 163 million ($265 million) on 19th September 2003 and reported sales of GBP 7.8 million ($12.4 million) and a net loss of GBP 7.7 million ($12.3 million) for the six months ended 29th June 2003, each calculated in accordance with US GAAP.
The net loss included GBP 1.4 million ($2.1 million) in restructuring charges.
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