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Spectra-Physics Acquisition Completed

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IRVINE, Calif., July 16 -- Newport Corp. announced today it has completed its acquisition of Spectra-Physics from Thermo Electron Corp., for $300 million. (See "Newport to Buy Spectra-Physics.") The final price is subject to a post-closing net asset adjustment.

Spectra-Physics represents substantially all of the optical technologies business of Thermo Electron. The purchase price is comprised of $200 million in cash, a $50 million promissory note bearing 5 percent interest and payable in 2009 and 3.2 million shares of Newport Corp. common stock, which are valued at $50 million based on the average share price of $15.53 for the 20 trading days ended two days prior to the closing of the transaction.

Newport said it will provide specific information about expected transaction costs, integration costs and synergy savings, as well as financial guidance for the combined company, during its second-quarter earnings release conference call on July 29.

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Jul 2004
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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