By Sam Boughedda
Investing.com — Intevac Inc (NASDAQ:IVAC) shares rose 20% after it announced the sale of its photonics business to Eotech LLC on Monday.
The supplier of thin-film processing systems said the transaction is valued at up to $100 million, with optical technology company Eotech making a cash payment of $70 million and future earn-out payments of up to $30 million.
Intevac said it will continue its strategic review process and shift its entire focus onto its thin-film equipment business.
“We are extremely proud of the long history of innovation and leadership that the Photonics team has delivered over the years,” stated Wendell Blonigan, president and CEO officer of Intevac.
“Intevac Photonics, as envisioned by our late founder Norman Pond, pioneered the night vision technologies that have become the standard for most advanced digital night vision programs for the U.S. military, as well as many foreign nations," added Blonigan.
Intevac shares hit a high of $5.98 on Monday, a level that was last seen in August.