SHERMAN, Tex. (KXII) - Finisar, the laser company that moved to Sherman earlier this year, is being purchased by another company.
The Financial Times is reporting optical products company II-VI (“Two-Six”) plans to acquire Finisar in a $3.2 billion deal.
Tech giant Apple invested nearly $400 million in Finisar for its VCSEL technology, which is being manufactured at its Sherman plant.
II-VI makes laser and optical components and announced Friday they will buy Finisar for about $3.2 billion.
In a statement, II-VI says it plans to expand its reach into consumer electronics and possibly self-driving cars and says this acquisition will help with that.
Finisar moved into the old MEMC building on South US Highway 75 earlier this year.
A spokesperson for Finisar would not comment on the status of the Sherman location or the people who work there.
The deal is expected to close in the middle of 2019, pending shareholders' approval and other conditions.
II-VI will pay Finisar shareholders $26 per share in cash and stock.