Date Announced: 16 Mar 2016
Cash deal finally sealed for $78.2 million following auction process.
PITTSBURGH, March 16, 2016 (GLOBE NEWSWIRE) -- II-VI Incorporated (IIVI), a leader in engineered materials and optoelectronic components, announced today that it has successfully completed its acquisition of ANADIGICS, Inc. (“Anadigics”) (ANAD) for approximately $78.2 million in cash. The purchase price was funded primarily from the Company’s existing capacity under its credit facility.
The Company has also updated its outlook for Q3 FY16 previously issued on January 26, 2016. Revenue is updated to $190M to $198M from the prior range of $185M to $195M. Adjusted EPS, excluding one-time items, is expected to be $0.26-$0.29/share, inside the Company’s original guidance range of $0.25 to $0.29/share. The results exclude one-time items, but do include the results of operations for two months of EpiWorks (acquired on February 1, 2016), and the results of Anadigics from March 15 to March 31, 2016. One-time items are expected to range from $0.05 to $0.06/share and include investment banking and legal fees and one-time expense for fair value inventory adjustments. EPS on a reported basis is now expected to be $0.21 to $0.23/share.
The Company has begun its evaluation of assets and integration with the leadership teams of EpiWorks and Anadigics. This work is expected to give rise to additional one-time costs. Wunderlich Securities acted as financial advisor to II-VI. The Company will provide greater details and guidance for the remainder of fiscal year 2016 on its earnings call presently scheduled for Tuesday, April 26, 2016 at 9:00am Eastern Daylight Time.
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Web Site: www.ii-vi.com