Thursday, April 10, 2008

EMCORE to Buy Intel's Optical Platform Division

EMCORE Corp., a manufacturer of semiconductor components and subsystems, announced Thursday that it has agreed to acquire the enterprise and storage assets of chip producer Intel Corp.'s Optical Platform Division. EMCORE said it will also gain Intel's Connects Cable business. To finance the transaction, EMCORE said it will issue 3.7 million shares of restricted stock, ; that figure might be adjusted based on EMCORE's stock price 12 months after closing, the Albuquerque, N.M.-based company added. The transaction covers intellectual property, inventory, fixed assets, optical transceiver technology and optical cable interconnects. EMCORE said it expects the transaction to close later this quarter. Intel is headquartered in Santa Clara, Calif.