Coherent Corp. · NYSE:COHR
Coherent — II-VI — Merger or Acquisition (September 2019)
8 slides from Coherent's merger presentation, Sep 24, 2019
Slide 1: II-VI Acquisition of Finisar: Update on the merger closing details
September 24, 2019 II-VI Acquisition of Finisar Update on the merger closing details Exhibit 99.1
Slide 2: Safe Harbor Statement
Matters discussed in this presentation may contain forward-looking statements that are subject to risks and uncertainties. These risks and uncertainties could cause the forward-looking statements and II-VI Incorporated (the “Company’s”) actual results to differ materially. In evaluating these forwar
Slide 3: Completed Acquisition of Finisar on September 24, 2019
Completed Acquisition of Finisar on September 24, 2019 This completes our largest acquisition to date Total price of $3.0B consisting of $1.9B cash consideration and $1.1B stock consideration We intend to provide an update on the combined business on our earnings call on November 12, 2019 We expect
Slide 4: A Powerful Combination
A Powerful Combination Pro Forma Revenue1 $2.6B Pro Forma EBITDA1 $650M Locations Worldwide Diversified Global Footprint 70 Target End Markets Addressable Market Size2 Total Employees Worldwide $22B 26K 7 Note: Pro forma Revenue and EBITDA represents LTM 06/30/2019 for II-VI and LTM 07/28/2019 for F
Slide 5: Significant Value Creation Potential from Synergies
Cost of Goods Sold Supply chain management - Procurement Infeed - Internal supply of enabling materials and components ~$85 million Sales & Marketing Savings from scale General & Administration Consolidation of overlapping corporate costs Optimization of operating model Annual Estimated Synergies Ac
Slide 6: Strong Deleveraging Profile
II-VI and Finisar have combined EBITDA generation today of ~$650mm1,2 including $150mm run-rate synergies Combined company has a strong deleveraging profile, with significant deleveraging expected from 3.9x at close to under 2.5x in FY2022 II-VI expected to maintain ongoing ability to maximize strat
Slide 7: Finisar Transaction Financing
Transaction Financing $2.1 billion new funded debt $450 million revolver, $160 million drawn $1,255 million Term Loan A $720 million Term Loan B Pro-forma Capitalization Statistics ($ in billion) x LTM EBITDA (w/ synergies)1 Gross Debt $2.51 3.9x Cash $0.45 0.7x Net Debt $2.06 3.2x Deleveraging and
Slide 8: IVI
IVI MATERIALS THAT MATTER