Cisco announced the completion of the acquisition of Acacia Communications, Inc after a majority of Acacia's shareholders approved the decision.
Cisco finalized the deal with Acacia for $115.00 per share in cash, or approximately $4.5 billion on a fully diluted basis, net of cash and marketable securities. As a result of the deal, Acacia will no longer remain publicly traded company. According to the statement, Acacia has notified NASDAQ of the completion of the acquisition and has requested that NASDAQ file a notification of delisting with the Securities and Exchange Commission on Acacia's behalf.
Initially, the two had entered into an agreement in 2019 for $2.6 billion. However, Acacia pulled out from merger deal as approval was pending from China after regulators in the U.S., Germany and Austria had cleared the proposed takeover.
Acacia's acquisition will help Cisco's to enhance its 'Internet for the Future' strategy with world class coherent optical solutions for customers, further enabling them to address the unprecedented scale of modern IT.
As per the statement, Cisco will support Acacia's existing customers around the world as well as new customers with industry-leading coherent optics, digital signal processing/photonic integrated circuit modules and transceivers for use in networking products and data centers.
Commenting on the deal closure, Chuck Robbins, Cisco chairman and CEO said, "We are thrilled to welcome the Acacia team to Cisco. Our Internet for the Future strategy puts Acacia's high-speed coherent optics technologies front and center as we work to empower webscale companies, service providers and data center operators to meet today's fast-growing demands for data."
Acacia designs and manufactures high-speed, optical interconnect technologies that allow webscale companies, service providers and data center operators to meet the fast-growing consumer demand for data.