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Optical component provider Bookham Inc. plans to acquire Avalon Photonics for stock valuing $5.5 million.
Bookham will exchange approximately 765,000 shares of its common stock on signing, and a potential additional 348,000 share earn-out based upon Avalon achieving certain revenue and production performance criteria over a two-year period. The transaction, expected to close in this month and subject to customary closing conditions, should not have a material effect on Bookham?s results for the quarter ending March 31, the company said.
Zurich, Switzerland-based Avalon Photonics is a supplier of single-mode and multi-mode vertical cavity surface emitting lasers (VCSEL) chips, arrays and subassemblies for sensing and datacom applications. Avalon?s patent-protected, single-spatial-mode VCSELs offer specifications required for many sensing and measurement applications and the latest generation of 4GByte transceivers.
?The acquisition of Avalon strengthens Bookham?s product portfolio by adding a new chip technology ? VCSELs ? to our already broad chip-design,? said Giorgio Anania, president and CEO of Bookham, in a statement. ?This technology will extend our product offerings in the datacom and sensing markets, areas we believe offer good growth opportunities.
?Over the next several months we will transfer Avalon?s manufacturing to the current Bookham facility, which should result in an improved utilization rate for this facility. In addition, we expect to leverage the newly combined manufacturing and technical strengths of both companies as we continue to expand our product base for the datacom and sensing markets,? concluded Anania.
<<Electronic News -- 03/13/06>>