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March 29, 2013
11:22 EDTNPTNNeoPhotonics OCU acquisition seen as accretive to adj. EBITDA within first year
NeoPhotonics announced that it has completed the acquisition of the semiconductor optical components business unit, OCU, of LAPIS Semiconductor. As of the closing, the OCU business was merged into and now operates as NeoPhotonics Semiconductor GK, a Japanese subsidiary of NeoPhotonics. Based on preliminary unaudited pro forma financial information provided by the management of LAPIS Semiconductor, OCU had revenue of approximately $45M for the first nine months ended September 30, 2012. Based on company estimates, the addition of OCU is expected to be accretive to the company’s Adjusted EBITDA within the first year following the transaction. Given that the acquisition closed in the first fiscal quarter for NeoPhotonics, transaction related expenses, which are expected to be in the range of $3M to $4M, are expected to be incurred in the first quarter. NeoPhotonics plans to provide an update on the OCU business, now NeoPhotonics Semiconductor GK, when it releases its quarterly financial results for the first quarter of 2013, which is currently expected to be in the first half of May 2013.
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