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Subsequent Events
3 Months Ended
Sep. 28, 2013
Subsequent Events

NOTE 16. SUBSEQUENT EVENTS

On October 10, 2013, Oclaro Technologies entered into an Asset Purchase Agreement with II-VI, whereby Oclaro Technologies agreed to sell to II-VI and certain of its affiliates the Amplifier Business for $88.6 million in cash. The transaction closed on November 1, 2013.

Consideration, valued at $88.6 million, consists of $79.6 million in cash, which was received on November 1, 2013, $4.0 million subject to hold-back by II-VI until December 31, 2014 to address any post-closing claim and $5.0 million related to the exclusive option, which was received on September 12, 2013 and will be credited against the purchase price.

We entered into certain transition service and manufacturing service agreements to allow the Amplifier Business to continue operations during the ownership transition.

Both parties provided customary and reciprocal representations, warranties and covenants in the Asset Purchase Agreement.