Luna Innovations Incorporated (NASDAQ: LUNA), a global provider of advanced optical technology, has announced it has closed on the divestiture of its Optoelectronic Solutions (OPTO) business to OSI Optoelectronics, Inc. a subsidiary of OSI Systems, Inc. for up to USD 18.5 million, the company said.
OSI Systems, Inc. is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense, and aerospace industries.
Originally acquired in 2015 as part of its merger with Advanced Photonix, Inc. (API), Luna´s OPTO division designs and manufactures fully integrated photonic solutions employed across a wide range of industries. The division reported revenue of USD 13.1 million for the year ended December 31, 2017.
As part of the transaction, employees associated with the OPTO division located in Camarillo, CA and Montreal, Quebec, are expected to transfer to OSI. Luna plans to use transaction proceeds to invest in its core fiber optic based test and measurement platform, consistent with the key focus of its long term strategy.
Luna was advised by B. Riley FBR and Woods Rogers PLC.
Luna Innovations Incorporated (www.lunainc.com) is a provider of optical technology, providing unique capabilities in high-performance fiber optic test products for the telecommunications industry and distributed fiber optic sensing for the aerospace and automotive industries. Luna is organized into two business segments, which work closely together to turn ideas into products: a Technology Development segment and a Products and Licensing segment. Luna´s business model is designed to accelerate the process of bringing new and innovative technologies to market.