17 May 2016

POET to acquire BB Photonics

POET Technologies Inc of San Jose, CA, USA — which has developed the proprietary planar optoelectronic technology (POET) platform for monolithic fabrication of integrated III-V-based electronic and optical devices on a single semiconductor wafer — has agreed to acquire BB Photonics Inc, a private designer of integrated photonic solutions for the data communications market. On completion of the transaction (which is subject to applicable regulatory reviews and approvals, including approval of the TSX Venture Exchange), POET will own 100% of BB Photonics and its assets, including intellectual property and technologies, and there will be no liabilities assumed on closing.

BB Photonics (a pre-revenue, New Jersey-based privately held photonics company) currently develops photonic integrated components for the data-center market utilizing a platform technology approach using embedded dielectric technology that is intended to enable on-chip athermal wavelength control and lower the total solution cost of data-center photonic integrated circuits.

POET says that the strategic acquisition of BB Photonics will provide it with additional differentiated intellectual property and know-how for future product development at its facilities in Singapore (acquired this month with the purchase of DenseLight Semiconductors Pte Ltd, a privately held designer and manufacturer of photonic sensing and optical light source products for the communications, medical, instrumentations, industrial, defense and security industries). POET reckons that, collectively, this will enable it to better service the end-to-end data communications market and additionally augment its sensing roadmap.

"The acquisition of BB Photonics helps bolster our intellectual property and know-how in integrated photonic solutions and enables broad applications through its unique performance and cost capabilities. These factors will allow us to expand, accelerate and complement our current roadmap," says POET's CEO Dr Suresh Venkatesan. "This is another synergistic and timely acquisition for us as we focus on providing our existing and future customers a broader range of differentiated photonics technologies," he adds. 

Acquisition by POET will help to enable athermal multi-wavelength photonic integration in high-speed indium phosphide devices, says BB Photonics' CEO Bill Ring. "We look forward to working closely with POET and DenseLight to bring our differentiated IP to market," he adds.

POET will acquire all shares of BB Photonics in exchange for issuing about 2 million common shares from POET's treasury in the stock-only transaction (subject to adjustment based on the increase or decrease in the US-CDN dollar exchange rate before closing, which should occur no later than 30 days following the agreement). Issuance of the POET shares is subject to compliance with all US and Canada Federal and State or Provincial securities laws and regulations, and the rules of the TSX Venture Exchange. The shares will be restricted and subject to re-sale restrictions, as established by the TSX Venture Exchange and US securities laws. The management shareholders of BB Photonics have agreed not to sell, transfer, pledge or otherwise dispose of the POET shares for a period of six months, when they may each sell up to 25% of their shares. They may sell an additional 25% after 12 months, and the remainder after 24 months. BB's non-management shareholders may sell POET shares at various times and in various amounts at 4, 6 and 12-month periods following issuance.

See related items:

POET completes acquisition of DenseLight

Tags: POET

Visit: www.poet-technologies.com

Visit: www.denselight.com