JDS Uniphase Corp. today completed its $15 billion merger with E-TEK Dynamics Inc., which last week was approved by the U.S. Department of Justice.
Each outstanding share of E-TEK common stock was exchanged for 2.2 shares of JDS Uniphase common stock. E-TEK , San Jose, Calif., will operate as a wholly-owned subsidiary of JDS Uniphase, based in Nepean, Ontario.
"The combination of JDS Uniphase and E-TEK creates a company with all of the elements needed to be the volume supplier of optical components and modules for our customers: broad product breadth, world class research and development, worldwide manufacturing capability, and high quality standards," said Jozef Straus, JDS Uniphase co-chairman and CEO, in a statement. "This has been our vision and we are better positioned than ever to make that vision a reality."
Sanjay Subhedar, E-TEK's chief operating officer and chief financial officer, will assume the role of president and general manager of the E-TEK business unit, reporting to Charles J. Abbe, JDS Uniphase's president and COO. Michael Fitzpatrick, E-TEK's chairman and chief executive, will remain with the company as an adviser during the integration process. Donald J. Listwin, a director of E-TEK, will join JDS Uniphase's board of directors.
E-TEK Dynamics was the largest of some half-dozen acquisitions JDS Uniphase has made since the company itself was formed by a merger last year. Others, all in the areas of optical networking components and materials, include Cronos Integrated Microsystems, Optical Coating Laboratory, Epitaxx, Sifam, and Fujian Casix Laser.