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17 March 2016

II-VI Inc completes acquisition of Anadigics; updates quarterly outlook

Engineered materials and optoelectronic component maker II-VI Inc of Saxonburg, PA, USA has completed its acquisition of broadband wireless and wireline communications component maker Anadigics Inc of Warren, NJ, USA for about $78.2m.  The purchase price was funded primarily from the firm's existing capacity under its credit facility.

As a result of the merger, Anadigics has become a subsidiary of II-VI, with its common stock being delisted and ceasing trading on Nasdaq.

Also, II-VI's outlook for fiscal third-quarter 2016 (issued on 26 January) has now been raised, from revenue of $185-195m to $190-198m. Adjusted earnings per share (EPS) is expected to be $0.26‐0.29 (inside the original guidance range of $0.25-0.29).

The results exclude one‐time items, but do include the results of operations for two months of EpiWorks Inc of Champaign-Urbana, IL, USA (which manufactures epitaxial wafers for optical components, wireless devices and high-speed communication applications) - acquired on 1 February - and the results of Anadigics for 15-31 March. One‐time items are expected to be $0.05-0.06 per share and include investment banking and legal fees and one‐time expense for fair value inventory adjustments. EPS on a reported basis is now expected to be $0.21-$0.23. 

II-VI has begun its evaluation of assets and integration with the leadership teams of EpiWorks and Anadigics. This work is expected to give rise to additional one‐time costs.

See related items:

II-VI Inc completes tender offer for shares of Anadigics

Anadigics chooses II-VI's final matching bid over Chinese firm's offer

II-VI Inc completes acquisition of EpiWorks

Tags: Anadigics II-VI Inc

Visit:  www.ii-vi-photonics.com

Visit:  www.anadigics.com

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