U.S. Markets close in 23 mins.

Oclaro and Opnext complete deal

SAN JOSE, Calif. (AP) -- Oclaro Inc. has completed its acquisition of Opnext Inc. in an all-stock deal, the optical communication companies announced Tuesday.

The companies announced the deal in March, which they said will create a leader in the fast-growing optical components and modules market. They will also work together to create laser diodes. Their products are used for everything from transmission on fiber optic networks to lasers for medical equipment.

Under the deal, Opnext shareholders will receive 0.42 shares of Oclaro common stock for every share of Opnext stock they own. With about 91 million shares of Opnext outstanding, Opnext shareholders qualified to get about 38 million Oclara shares worth almost $88 million as on the close on Monday. Opnext is based in Fremont, Calif.

The combined company will operate under the Oclaro name.

"Our vision is that the power and speed of light will change the way we live and work," Alain Couder, chairman and CEO of Oclaro, said in a statement. "Through this merger, we have assembled the optical technologies, products and expertise at the heart of this new world of innovation."

The companies had about $833 million in combined revenues for the fiscal year that ended July 2, 2011 and 3,200 employees worldwide.

Shares of San Jose, Calif.-based Oclaro jumped 31 cents, or 13.4 percent, to $2.62 in trading Tuesday.