Avago Technologies to acquire Breinigsville-based CyOptics
A California-based company announced plans Thursday to acquire Breinigsville, Lehigh Co.-based CyOptics Inc. in a deal valued at approximately $400 million in cash.
Avago is a supplier of analog interface components for communications, industrial and consumer applications.
CyOptics is a leader in Indium Phosphide (InP) optical chip and component technologies for the data communications and telecommunications markets, officials said.
"We believe CyOptics' leading InP technology and optical manufacturing capability will strengthen Avago's fiber optics portfolio and accelerate our ability to capture next generation 40G and 100G enterprise and data center sockets," said Hock Tan, president and CEO of Avago. "With CyOptics, we also see interesting revenue growth opportunities in delivering a broad range of proprietary components to the market."
"We are delighted to join Avago Technologies, a company with a long history of innovation and a strong position in the wired infrastructure market," said Ed Coringrato, president and CEO of CyOptics. "We believe this transaction presents tremendous opportunities for our customers and our employees."
The deal is subject to customary closing conditions, including the receipt of regulatory approvals in the United States, said officials, who expect to close during Avago's third fiscal quarter of 2013.
Copyright 2013 WFMZ. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.