Avanex agreed to acquire certain assets of Vitesse Semiconductor’s Optical Systems Division located in San Jose, California, for approximately 1.2 million shares of Avanex common stock. Based on the closing price of Avanex’s stock on August 19, 2003, the transaction has a value of approximately $6 million. As part of the deal, Avanex will also buy up to $2 million in products from Vitesse over the next three years. Avanex said the acquisition would enhance its presence in transponders and expand its customer traction in subsystem products.
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- In July 2003, Avanex completed its acquisition of Alcatel Optronics France SA, a subsidiary of Alcatel that operates the optical components division of Alcatel, and the purchase of certain assets of the photonic technologies business of Corning Incorporated. Avanex said the acquisitions give it the “necessary scale and resources to be the leading supplier of optical solutions.” The combined company is headquartered in Fremont, California, and includes former Alcatel facilities in France and Scotland and former Corning facilities in the U.S. and Italy.