Avago to Acquire CyOptics
SAN JOSE, Calif., and SINGAPORE, April 18, 2013 — Semiconductor device manufacturer Avago Technologies Ltd. has announced that it will acquire privately held CyOptics Inc. of Breinigsville, Pa., for $400 million in cash.
CyOptics, leveraging its Bell Labs and Lucent heritage, manufactures indium phosphide (InP) optical chip and component technologies for the data communications and telecommunications markets.
The purchase will strengthen Avago's fiber optics product portfolio for emerging 40G and 100G enterprise and data center applications and will facilitate the company’s establishment of a complementary optical components business for growing segments of the access, metro and long-haul markets.
Cowen and Co. LLC has provided a fairness opinion to Avago, and Latham & Watkins LLP is serving as its legal counsel; Raymond James & Associates Inc. is serving as CyOptics’ financial adviser, and Goodwin Procter LLP is serving as its legal counsel.
The transaction, subject to customary conditions, is expected to close during the third quarter of 2013.
For more information, visit: www.avagotech.com