Oclaro Nets Up To $115M In Sale Of Laser Biz

Law360, New York (September 12, 2013, 4:40 PM EDT) -- Optical technology manufacturer Oclaro Inc. announced Thursday it has sold its laser diodes business to Pennsylvania-based peer II-VI Inc. for $115 million in an effort to restructure the company.

Oclaro received $92 million in cash on Thursday and will retain the existing accounts receivable of the Zurich, Switzerland-based business, which are worth about $15 million. Of the remaining $8 million, II-VI is holding back $6 million in cash for 15 months from the date of the close and $2 million for potential working capital adjustments....
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