II-VI acquires M Cubed Technologies


II-VI Incorporated announced that it has acquired all of the outstanding shares of M Cubed Technologies. The initial consideration consisted of cash of $71.4M. In addition, the purchase price is subject to customary closing adjustments including a working capital adjustment which could increase the purchase price by up to $2.5M in cash. M Cubed is a privately-held company that develops advanced ceramic materials and precision motion control products addressing the semiconductor, display, industrial, and defense markets. For the 12 months ended June 30, M Cubed generated $52M in revenues. For the fiscal year ending June 30, 2013, M Cubed is expected to generate approximately $35M in revenues during the eight months of ownership by II-VI and is expected to be accretive between 1c-3c earnings per share, net of transaction expenses.

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