Oxfordshire, England, May 24, 2004--Bookham Technology entered into an agreement to acquire Onetta (Sunnyvale, CA), a provider of optical amplifier modules and subsystems for communications networks. Specifically, Onetta designs and manufactures intelligent erbium-doped fiber amplifiers for optical networks.
Under terms of the agreement, Bookham will acquire the entire issued share capital of Onetta in consideration for the issue of 27.6 million Bookham ordinary shares to the Onetta shareholders at closing, which, as of May 21, had a value of £13.0 million (US$23.3 million). As part of the agreement, Onetta shareholders have agreed to discharge liabilities of the company of approximately $6.0 million. In the first quarter of 2004, Onetta generated revenues of $3.3 million and made a loss of $2.1 million. The value of the net assets being acquired as at the end of the quarter was $7.5 million.
"The addition of the Onetta team, the added revenue and the additional tier-1 customer penetration Onetta brings to us further strengthens our position in optical amplifiers and accelerates consolidation in this segment of the telecom optical component space," said Giorgio Anania, Bookham CEO. "In addition, Onetta provides key skills that should strengthen Bookham's position as a leader in design and manufacture of optical line subsystems."
The deal is expected to be finalized by the end of June.