On the last acquisition...
Sensors Unlimited snapped up by Finisar
8/17/2000 Finisar Corp. (Sunnyvale, California) is acquiring privately-held Sensors Unlimited (Princeton, New Jersey), a supplier of detectors for dense wavelength-division multiplexing (DWDM) systems, for approximately $700 million. Sensors Unlimited has developed photodiode array technology based on indium gallium arsenide.
“Sensors Unlimited has a lot in common with Finisar,” said Jerry Rawls, Finisar's president and CEO. “They have been profitable almost from day one, have grown the company without any outside investment, and produce products that are technically superior to anything else in the market.” Greg Olsen, Sensors Unlimited's president and CEO, said, “Now we can leverage Finisar's datacom packaging expertise in developing products for the telecom and metro access markets.”
Sensors Unlimited stockholders will receive up to about 20.9 million shares of Finisar common stock. The closing price of Finisar's common stock on August 15 was $32.50 per share, giving the transaction an approximate value of $700 million. Greg Olsen will join Finisar as an executive vice president and a member of Finisar's board of directors. He will also continue to serve as president and CEO of the Sensors Unlimited subsidiary. For the twelve months ended June 30, 2000, Sensors Unlimited recorded unaudited product revenues of $14.9 million and pretax income of $6.0 million. Historically, a substantial portion of their expenses for R&D have been offset by government research contracts. |
