POET Technologies (POET) said Tuesday it has closed the buyout of Super Photonics Integrated Circuit Xiamen from its joint venture partner Quanzhou San'an Optical Communication Technology for $6.5 million, payable over five years.
The company said it has also signed an equipment purchase deal with Quanzhou to buy all of the production equipment previously acquired by Quanzhou and leased to Super Photonics for $3.8 million in cash to be paid in four installments.
POET also said it plans to continue the assembly of optical engines at Super Photonics within the cleanrooms leased from Quanzhou.
Super Photonics' name will likely be changed and the operations eventually merged with POET's subsidiary POET Optoelectronics Shenzhen, it said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.