族化合物赢得争夺素雅t
After a battle with Lumentum, II-VI says it is entering into a definitive agreement to acquire Coherent.
Under the terms of the transaction, Coherent shareholders will receive $220.00 in cash and 0.91 of a share of II-VI common stock for each Coherent share, valuing the deal at $7.0bn. This is up from Lumentum’s first offer of $5.7bn that saw II-VI and MKS Instruments make alternative bids. II-VI increased its offer several times and Coherent is to pay a $217.6 million termination fee to Lumentum as a result.
“We are pleased to have reached an agreement with Coherent to create a global leader in photonic solutions, compound semiconductors and laser technology and systems,” said Dr. Vincent D. Mattera, Chief Executive Officer of II-VI. “Together, we will have significant opportunities to accelerate our growth through complementary technology platforms, strengthen our competitiveness by using our combined scale across the value chain, benefit from deeper market intelligence and expertise, and further diversify our businesses by end market and geography.
II-VI和连贯性的结合将增加我们几十年来不可逆的大型大趋势的集体曝光率。我们很高兴欢迎有才华的连贯团队加入II-VI，并期待共同努力，为包括两家公司的股东，客户，员工和业务合作伙伴在内的所有利益相关者提供重要价值。”该交易预计将在今年年底之前完成，并已获得两家公司董事会的批准，但应遵守习惯结案条件，包括获得所需的监管机构批准以及II-VI和连贯股东的批准。
The combined company will have revenues of $4.1bn and an available market of approximately $25bn for the complementary lasers, optics, and electronics technologies at the subsystems and systems level in aerospace and defense, life sciences, and laser-additive manufacturing. This will also accelerate growth in key industrial markets in Asia, which was an issue with the Lumentum proposal. Coherent’s service network, located in the largest manufacturing hubs in the world, will act as a distribution channel for the combined portfolio of components, including II-VI’s high-margin aftermarket consumables, as well as a channel for recurring subsystems and systems service contracts.
II-VI has set up its own silicon carbide (SiC) power division and acquired Swedish SiC wafer maker Ascatron. The company plans to finance the transaction with cash on hand, approximately $5.4 billion in fully committed debt financing from J.P. Morgan Securities LLC and a $1.5bn equity investment from Bain Capital that enables the combined company to significantly reduce the amoun it has to borrow to fund the deal.
http://www.ii-vi.com; http://www.coherent.com
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