The acquisition of Ophir Optronics by Newport is expected to be completed in October following the approval of the $230 million deal by Ophir's shareholders.
All of the required regulatory approvals have also been received paving the way for the acquisition of the company by Newport. However, Newport states that the successful completion of the deal is still ‘subject to satisfaction of the remaining closing conditions, as set forth in the merger agreement’. The conditions have not been disclosed. Ophir is being merged with a subsidiary of Newport.
Newport's president and chief executive officer, Robert Phillippy, said: 'We are pleased that we are making excellent progress toward closing this transaction, and we are very excited to have Ophir join the Newport team.'
Headquartered in Jerusalem, Israel Ophir has six manufacturing facilities around the world, three in Israel and three in the USA developing and manufacturing electro-optic systems, photonics instrumentation and 3D non-contact measurement systems. Its worldwide sales and marketing network encompasses seven subsidiaries in Israel, the US, Japan and Europe.