Plymouth, Michigan-based optical technology supplier EOTech has bought Intevac‘s (Nasdaq: IVAC) photonics unit for approximately $100 million in upfront cash and future earnout payments.
Intevac said Monday it also negotiated a six-month transaction service agreement with EOTech and intends to focus on the thin-film equipment market following the sale transaction.
The photonics business offers cameras, digital sensors and other systems intended for defense programs such as the U.S. Army’s Integrated Visual Augmentation System.
EOTech, which makes holographic products, operated as a business unit of L3Harris Technologies (NYSE: LHX) before it was sold to American Holoptics in 2020.
Greenhill and Wilson Sonsini Goodrich & Rosati served as Intevac’s financial adviser and legal counsel on the deal, respectively.
Houlihan Lokey and Bodman respectively provided financial and legal advisory services to EOTech.
Intevac scheduled a conference call Tuesday to further discuss the divestiture.
