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Bookham completes New Focus acquisition

Following approval from authorities and shareholders, Bookham Technology adds New Focus to its long list of acquisitions.

UK-based Bookham Technology has completed its acquisition of New Focus, based in San Jose, CA.

The acquisition should reduce Bookham’s dependence on the fiber-optic telecommunications market by increasing its non-telecommunications product portfolio.

Bookham will also see an immediate benefit on its balance sheet from New Focus’s cash reserves of around $105 million, plus the its manufacturing facility in Shenzhen, China.

New Focus will retain its identity and brand name, operating as a division of Bookham.

Under the terms of the deal, which was valued at around $190 million when originally announced in September 2003, New Focus shareholders were awarded $2.19 for each of their shares.

New Focus directors Winston Fu and Peter Bordui join the Bookham board as a result of the acquisition. Both will become non-executive directors. Liam Nagle, currently chief operating officer at Bookham, is to take over the role of president.

The deal, which was expected to close in December, had been held up while Bookham awaited approval from US regulatory authorities and New Focus shareholders.

US authorities held up the acquisition by looking at the effect it would have on the New Focus subsidiary JCA Technology, a company whose GaAs-based RF microwave amplifier products are used in defense applications.

Following the acquisition, JCA Technology will now operate under the name Bookham JCA. The company remains a US entity, and is housed separately from other Bookham companies.

Building on the GaAs MMIC expertise that its parent company has developed at its Caswell facility in the UK, Bookham JCA will now offer MMIC design and foundry services, RF optics, digital optics and high power laser diodes for defense applications.

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