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Halo Technology Group also acquired communications connectivity components suppliers. The most active buyer was Thermo Fisher Scientific (NYSE:TMO), which acquired four life sciences instrumentation companies and a PCR-based rapid point-of-care testing platform for detecting infectious diseases and Amphenol (NYSE:APH), which acquired four communications connectivity components suppliers.
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And Jenoptik (XTRA:JEN) acquired BG Medical Applications/SwissOptic AG/SwissOptic (Wuhan), an OEM supplier of medical optics for $349 million.Īcross all photonics markets served, no single buyer was very acquisitive in 2021. Lumentum Holdings (NasdaqGS:LITE), a provider of photonic products for communications, acquired NeoPhotonics (NYSE:NPTN), a provider of optical transceivers/receivers for hyperscale datacenters, for $979 million on $278 million revenue.
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Viavi Solutions (NasdaqGS:VIAV), a provider of optical networking test equipment, acquired EXFO, a provider of optical networking test equipment, for $478 million on $284 million revenue. Coherent (NasdaqGS:COHR), a laser supplier, received proposal from II-VI Incorporated (NasdaqGS:IIVI), a supplier of engineered materials and optoelectronic components, for total consideration of $7.0 billion on $1.9 billion in revenue. For example, Teledyne Technologies (NYSE:TDY) acquired FLIR Systems (NasdaqGS:FLIR), a provider of thermal and visible light imaging systems for $7.5 billion on $1.9 billion revenue. While the overwhelming majority of pure-play photonics market leaders executed one single transaction, the deals were large and scaled existing businesses. In 2021, however, M&A appears to have shifted back from capability deals to scale deals as companies seek to strengthen their core business (see Fig. We also see more strategic buyers executing vertical integration plays, bringing critical capabilities in-house. They acquire companies to open new markets, enhance capabilities, and implement new business models. Strategic buyers address the challenges of slower growth, an abundance of investment capital, advances in digital and mobile technologies, and government intervention with M&A. According to Bain & Company, “while strategic M&A is on track to reach its highest value in six years, it also accounted for the lowest portion of deal value yet sponsor, SPAC, and VC deals grew two to five times faster.” Since 2018, approximately 80% of acquisitions of photonics-enabled targets involve strategic buyers. This difference may be due to an inherently high concentration of strategic deals. However, the total transaction value for targets employing photonics technologies is still shy of its 2019 high of $87 billion. Year to date, global aggregate M&A transaction value is up 40% over 2019. 2021 marks the highest total transaction value in history for mergers and acquisitions (M&A).