The application is rejected by the Denmark Minister for Industry, Business and Financial Affairs, following the consultation with the Minister for Finance, Minister for Foreign Affairs, Minister for Justice, and Minister of Defence
Hamamatsu's acquisition of NKT Photonics rejected by Denmark. (Credit: Gerd Altmann from Pixabay)
Japan-based optical sensors and devices manufacturer Hamamatsu Photonics said that its previously announced €205m acquisition of Danish NKT Photonics has been rejected by Denmark.
The application is rejected by the Denmark Minister for Industry, Business and Financial Affairs, following the consultation with the Minister for Finance, Minister for Foreign Affairs, Minister for Justice, and Minister of Defence.
According to the Danish Business Authority, the deal was not approved under the Danish Investment Screening Act.
Hamamatsu Photonics said that it proceeded with the legal and regulatory procedures in other countries and received approvals from the German, the UK and the US authorities.
The company announced the acquisition of the fibre laser manufacturer in June 2022.
NKT Photonics uses photonic crystal fibre production technology for ultrashort pulse laser amplification and fibre transmission.
The company’s products include Super Continuum white light laser, single-frequency fibre laser, and ultrafast fibre laser.
According to Hamamatsu Photonics, its laser diode business based on compound semiconductor manufacturing technology is complementary to NKT Photonics’ fibre lasers.
Under the terms of the acquisition, Hamamatsu Photonics was expected to acquire nearly 15 million shares of the fibre laser manufacturer.
The consideration for the transaction was anticipated to be funded from Hamamatsu Photonics’ own funds and bank loans.
Upon the closing of the deal, NKT Photonics was expected to continue as a subsidiary for fibre and laser development and manufacturing within Hamamatsu Photonics.
Currently, the company is considering further actions in relation to the rejection from the Danish authority.
Established in 1953, Hamamatsu Photonics delivers optical sensors, electric light sources, and other optical devices and instruments for scientific, technical, and medical use.