Bookham Technology is to acquire Onetta, a Sunnyvale, CA-based developer of intelligent Erbium Doped Fibre Amplifiers (EDFA) for optical communication networks.
Under the terms of the agreement, Bookham will acquire the entire issued share capital of Onetta by issuing 27.6 million Bookham ordinary shares worth $23.3 million to Onetta’s shareholders.
As part of the agreement, the Onetta shareholders have agreed to discharge liabilities of the company of approximately $6.0 million.
In the first quarter of 2004, Onetta generated revenues of $3.3 million and made a loss of $2.1 million. The value of the net assets being acquired as of the end of the quarter was $7.5 million.
“After synergies are considered, we expect Onetta to become cash generating before the end of 2004,” said Giorgio Anania, Bookham’s Chief Executive Officer.