Luna Announces Sale of High-Speed Optical Receivers Technology
09 Agosto 2017 - 5:00PM
Business Wire
MACOM buys assets and technology for HSOR
business for $33.5 million;
Luna to retain Terahertz technology
Luna Innovations Incorporated (NASDAQ: LUNA), which develops and
manufactures new-generation products for the aerospace, automotive,
energy, defense, and telecommunications markets, today announced
that MACOM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) has
agreed to buy the assets and operations related to its high-speed
optical receivers (HSOR) business.
The sale includes the operations associated with Luna’s
development, manufacturing and sales of products such as high-speed
integrated coherent receivers and photodiodes. Luna originally
acquired these operations as part of its merger with Advanced
Photonix, Inc. (API), in May 2015. The assets and employees
associated with Luna’s Terahertz operations are not transferred in
this transaction.
“Since the merger with API, we have invested substantial time
and resources into the HSOR business as a significant growth area,”
said My Chung, President and Chief Executive Officer of Luna. “As a
result of that investment, we have developed leading products and
technologies in that marketplace. MACOM has recognized the value
that we have created in this space and earlier this year approached
us with this transaction opportunity. With their larger scale of
operations, broader suite of product offerings and global
footprint, we believe that MACOM provides a greater opportunity to
drive long-term growth for the HSOR business, and the completion of
this sale maximizes the value we would receive from the HSOR
business.”
As part of the transaction, employees associated with the
company’s HSOR operations and administration in the company’s
location in Ann Arbor, Mich., will transfer to MACOM. The
Picometrix line of high-speed optical receivers and
optical-to-electrical converters serve the global
telecommunications, data center and manufacturing testing
industries.
“Similar to our High Performance Analog and 25G laser products,
Luna's industry-leading high speed optical receiver products and
technology are well-aligned with MACOM's previously-announced
growth strategy in Cloud Data Centers and other high-speed
networking markets, and we are excited to be able to add these
products to our growing portfolio through this tuck-in
acquisition,” said John Croteau, MACOM’s President and CEO. "We
expect the transaction to be neutral to accretive in the first year
of combined operations, and to contribute meaningfully to
growth in our Fiscal Year 2018. We look forward to bringing this
talented group of individuals into the MACOM organization as we
move ahead in meeting the evolving demands of the communications
markets.”
“We are delighted with the outcome of the transaction and the
value we have created for Luna’s stockholders,” Chung said. “We are
especially grateful to the dedicated employees in the HSOR business
whose skills and efforts have resulted in building this valuable
business.”
The purchase price includes $29.5 million paid in cash at
closing and additional $4.0 million to be held in escrow until
December 15, 2018 for possible working capital adjustments to the
purchase price and potential satisfaction of certain post-closing
indemnification obligations.
Luna currently intends to utilize a portion of the proceeds of
the transaction to invest in expanding its fiber optic sensing
product offering.
Mr. Chung and Dale Messick, Luna’s Chief Financial Officer, will
host a conference call with investors in conjunction with the
company’s earnings call on Thursday, August 10, 2017 at 11:30 a.m.
(EDT) to discuss the transaction. The conference call will be
available via live webcast on the Luna website at www.lunainc.com
under the tab “Investor Relations.” To participate by telephone,
the domestic dial-in number is 844.578.9643 and the international
dial-in number is 270.823.1522. The participant access code is
56973945. Investors are advised to dial in at least five minutes
prior to the call to register. The webcast will be archived on the
company’s website under “Webcasts and Presentations” for 30 days
following the conference call.
About Luna
Luna Innovations Incorporated (NASDAQ: LUNA) is a leader in
optical technology, providing unique capabilities in high speed
optoelectronics and high performance fiber optic test products for
the telecommunications industry and distributed fiber optic sensing
for the aerospace and automotive industries. Luna is organized into
two business segments, which work closely together to turn ideas
into products: a Technology Development segment and a Products and
Licensing segment. Luna’s business model is designed to accelerate
the process of bringing new and innovative technologies to market.
To learn more, please visit www.lunainc.com.
About Macom
MACOM enables a better-connected and safer world by delivering
breakthrough semiconductor technologies for optical, wireless and
satellite networks that satisfy society’s insatiable demand for
information. Today, MACOM powers the infrastructure that millions
of lives and livelihoods depend on every minute to communicate,
transact business, travel, stay informed and be
entertained. Our technology increases the speed and coverage
of the mobile Internet and enables fiber optic networks to carry
previously unimaginable volumes of traffic to businesses, homes and
datacenters. Keeping us all safe, MACOM technology enables
next-generation radars for air traffic control and weather
forecasting, as well as mission success on the modern networked
battlefield. MACOM is a pillar of the semiconductor industry,
thriving for more than 60 years of daring to change the world for
the better, through bold technological strokes that deliver true
competitive advantage to customers and superior value to investors.
For more information visit: www.macom.com.
Forward Looking Statements
This release includes information that constitutes
"forward-looking statements" made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995,
including statements regarding, but not limited to statements
concerning, the final purchase price of the HSOR business, the
amount of any post-closing adjustments to the purchase price, the
potential release of the escrowed purchase amount, MACOM’s plans
and expectations for the HSOR business, any expected contributions
to MACOM’s growth, operations and future financial results, the
impact of the transaction on MACOM’s market position and ability to
meet the expectations of any market, MACOM’s plans to transfer the
HSOR employees into its business, and Luna’s planned use of
proceeds from the transaction. Actual results may differ materially
from the expectations expressed in such forward-looking statements
as a result of various factors, including the final determination
of the amount of the working capital adjustment required by the
purchase agreement, potential post-closing indemnity claims, if
any, the future development of Luna’s various remaining businesses
and investment opportunities that are available to Luna, and risks
and uncertainties set forth in Luna’s and MACOM’s periodic reports
and other filings with the Securities and Exchange Commission. Such
filings are available at the SEC’s website at http://www.sec.gov,
at MACOM’s website at http://www.macom.com, and at Luna’s website
at http://www.lunainc.com. The statements made in this release are
based on information available to Luna and MACOM as of the date of
this release and each company undertakes no obligation to update
any of the forward-looking statements after the date of this
release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170809006084/en/
Luna Innovations IncorporatedDale Messick,
1-540-769-8400IR@lunainc.com
Luna Innovations (NASDAQ:LUNA)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Luna Innovations (NASDAQ:LUNA)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024