Intevac surges after sale of Photonics business

Intevac

03/01/2022 20:04

** Shares of defense technology supplier  IVAC.O  rise ~27%
to $5.98 - highest in 5 months
    ** IVAC says it sold its Photonics business to EOTECH LLC, a
privately held optical technology company  urn:newsml:reuters.com:*:nFWN2TJ02L
    ** The deal, structured as an asset sale, was valued at up
to $100 mln and closed on Dec. 30 - IVAC
    ** Co says the $100 mln comprises up-front cash payment of
$70 mln and future earn-out payments of up to $30 mln
    ** Says it will continue its broader strategic review
process, and shift all its focus onto the Thin-Film Equipment
(TFE) business
    ** In 2021, IVAC shares declined 34.7% 

 (Reporting by Chavi Mehta in Bengaluru)
 ((Chavi.Mehta@thomsonreuters.com;))