II-VI announced that its acquisition of Finisar, the optical communications solutions provider and an Apple supplier, has been approved by shareholders of both companies, bringing the merge of the two firms a step forward.

In November 2018, the optoelectronic component manufacturer II-VI revealed that it is acquiring Finisar with a deal worth US$3.2 billion cash and stock. The companies now announced that the merger agreement received supports by their shareholders respectively. 97% of the shares of II-VI common stock voting at II-VI’s special meeting voted to approve the proposal to issue shares of II-VI common stock pursuant to the merger agreement, and 99% of the shares of Finisar common stock voting at Finisar’s special meeting voted to approve the proposal to adopt the merger agreement.

The merger is planned to be completed in mid-2019. Together, II-VI and Finisar will employ over 24,000 associates in 70 locations worldwide upon closing of the transaction.

“While the two companies continue to operate independently, the integration teams are working together to ensure a seamless integration and transition,” said Michael Hurlston, Finisar’s CEO. “We see the positive overlap between our cultures, the mutual appreciation for our companies’ capabilities, the exceptional synergy potential, and the energizing outlook for our future.