Emcore completes acquisition of Intel optical component IP

Feb. 28, 2008
February 28, 2008, Albuquerque, NM--Emcore Corporation has completed its acquisition of the telecom-related portion of Intel's Optical Platform Division.

February 28, 2008, Albuquerque, NM--Emcore Corporation has completed its acquisition of the telecom-related portion of Intel's Optical Platform Division. The telecom assets Emcore acquired include intellectual property, assets and technology comprised of tunable lasers, tunable transponders, 300-pin transponders, and integrated tunable laser assemblies (ITLA). The acquisition agreement was signed and announced on December 18, 2007. The purchase price was $85 million in cash and common stock.

In total, the company has agreed to issue and sell, in a private placement $100 million of securities consisting of approximately 8 million shares of its common stock and warrants to purchase up to approximately 1.4 million additional shares. The purchase price was $12.50/share. The warrants have a five-year term and an exercise price of $15.06 per share.

According to Emcore, this acquisition enhances its presence in the telecommunications market segment and expands its fiber optics product portfolio. The acquired assets will be integrated into Emcore's Digital Products Division (EDP).

"Emcore is now one of a very few companies able to offer customers products for long-haul telecom, DWDM, enterprise and storage applications," said Stephen Krasulick VP & GM of EDP. "Furthermore, Emcore will leverage its infrastructure of contract manufacturing and the vertical integration on both the long- and short-wavelength products to continue its cost reduction effort."

In related news, Emcore has been awarded a follow-on production order of $39 million for additional solar cell receiver assemblies. These receivers are to be deployed in Green and Gold Energy's SunCube CPV systems through its world-wide licensees. Additionally, Emcore has received purchase orders from several other leading CPV system integrators for CPV receiver assemblies. The current backlog for this product line has increased to approximately $86 million.

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