In addition to announcing it's acquiring CyOptics, Avago (AVGO -0.3%) is creating a 20M-share buyback authorization (good for repurchasing 8% of shares) to replace a 15M-share authorization that just expired. CyOptics, which had 2012 sales of $210M and relies on an advanced material known as indium phosphide, lowers Avago's dependence on its wireless chip business (over half of sales), and makes the company a tougher optical component rival to JDS Uniphase (JDSU) and Finisar (NASDAQ:FNSR). Avago asserts CyOptics' products strengthen its hand in the 40G/100G space, an area Cisco and Intel are also interested in.
In addition to announcing it's acquiring CyOptics, Avago (AVGO -0.3%) is creating a 20M-share...
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