U.S. company Lumentum receives China approval for Oclaro deal

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CreaWorldNews
CreaWorldNews

(Reuters) – Lumentum Holdings Inc , seen by analysts as a parts supplier for Apple Inc’s Face ID technology, said on Thursday it received antitrust clearance from China for its $1.7 billion acquisition of Oclaro Inc.

The news comes against the backdrop of the arrest of a top executive of Chinese tech giant Huawei for extradition to the United States that sparked fears of a flare-up in Sino-U.S. tensions.

Announcing the cash-and-stock deal for Oclaro earlier in March, U.S.-based Lumentum said the purchase was aimed at broadening its portfolio of laser offerings and getting an edge in a fast-developing market for 3D sensing technology.

Lumentum said it now expects the acquisition to close on or around Dec. 10.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel)