Cisco and Acacia Communications Announce Amended Merger Agreement
SAN JOSE, Calif., Jan. 14, 2021 /PRNewswire/ --
Cisco (NASDAQ: CSCO) and Acacia Communications (NASDAQ: ACIA) today announced an amendment to the definitive merger agreement under which Cisco previously agreed to acquire Acacia. Under the terms of the amended agreement, Cisco would acquire Acacia for $115 per share in cash, or for approximately $4.5 billion on a fully diluted basis, net of cash and marketable securities. Cisco and Acacia expect to complete the acquisition by the end of the first calendar quarter of 2021, subject to closing conditions, including Acacia stockholder approval.
Upon completion of the acquisition, CEO Raj Shanmugaraj and Acacia employees will join Cisco's Optics business.
"I am delighted that Cisco and Acacia have decided to come together in this mutual deal," said Chuck Robbins, chairman and CEO, Cisco. "We look forward to welcoming Raj and the Acacia team to Cisco to offer our customers world-class coherent optical solutions to power the Internet for the future."
The pending acquisition of Acacia reinforces Cisco's commitment to optics as a critical building block that will enhance the company's 'Internet for the Future' strategy with world class coherent optical solutions for customers, further enabling them to address the unprecedented scale of modern IT. Cisco is committed to supporting Acacia's existing and new customers around the world that require industry-leading coherent optics, digital signal processing / photonic integrated circuit modules and transceivers for use in networking products and data centers.
"Both Cisco and Acacia have been focused on helping customers create a simpler operations environment, with a shared vision for the future of routing and switching with pluggable optics," said Bill Gartner, senior vice president and general manager, Cisco Optical Systems and Optics Group. "Together we will ignite our strategy to transform the optical world as we know it, with innovative solutions to boost network capacity inside and outside the data center."
"We maintain our strong conviction in the strategic benefits of joining the Cisco family and believe it will enable us to better support our existing customers, while reaching an expanded footprint of new customers globally," said Raj Shanmugaraj, president and CEO of Acacia. "We are pleased to have reached this agreement with Cisco and are excited to move forward with the combination which we believe will transform the optical industry, while providing great opportunities for Acacia employees to continue their innovation."
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Forward Looking Statements
Additional Information and Where to Find It
The Company and its executive officers and directors may be deemed to be participants in the solicitation of proxies from Acacia's stockholders with respect to the acquisition. Information about Acacia's directors and executive officers, including their ownership of Acacia securities, is set forth in Acacia's annual report on Form 10-K filed with the SEC on February 18, 2020, as amended on April 29, 2020, and Acacia's other filings with the SEC. Investors may obtain more detailed information regarding the direct and indirect interests of Acacia and its respective executive officers and directors in the acquisition by reading the preliminary and definitive proxy statements regarding the transaction, which will be filed with the SEC.
In addition, Cisco and its executive officers and directors may be deemed to have participated in the solicitation of proxies from Acacia's stockholders in favor of the approval of the transaction. Information concerning Cisco's directors and executive officers is set forth in Cisco's proxy statement for its 2020 Annual Meeting of Shareholders, which was filed with the SEC on October 21, 2020, annual report on Form 10-K filed with the SEC on September 3, 2020, Form 8-Ks filed with the SEC on November 13, 2020, November 30, 2020, December 11, 2020, December 17, 2020 and January 7, 2021, and Cisco's other filings with the SEC. These documents are available free of charge at the SEC's website at www.sec.gov or by going to Cisco's Investor Relations website at https://investor.cisco.com.
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SOURCE Cisco Systems, Inc.
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