08:02 AM EST, 12/31/2024 (MT Newswires) -- POET Technologies ( POET ) said Tuesday it has closed the buyout of Super Photonics Integrated Circuit Xiamen from its joint venture partner Quanzhou San'an Optical Communication Technology for $6.5 million, payable over five years.

The company said it has also signed an equipment purchase deal with Quanzhou to buy all of the production equipment previously acquired by Quanzhou and leased to Super Photonics for $3.8 million in cash to be paid in four installments.

POET also said it plans to continue the assembly of optical engines at Super Photonics within the cleanrooms leased from Quanzhou.

Super Photonics' name will likely be changed and the operations eventually merged with POET's subsidiary POET Optoelectronics Shenzhen, it said.