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Acacia was up more than 35% Tuesday, adding almost $700 million to its market cap, which is now close to $2 billion. Cisco shares rose slightly.
The acquisition will enhance Cisco's optical systems portfolio, according to a press release. Acacia is a networking company that is already a supplier for Cisco.
The deal is expected to close in the second half of Cisco's fiscal year 2020, according to the announcement. Acacia employees will become part of Cisco's Optical Systems and Optics business upon the close, the companies said.
Last year, Cisco announced plans in August to acquire cloud-based cybersecurity firm Duo Security for $2.35 billion in cash and stock. In December, Cisco said it planned to acquire semiconductor company Luxtera for $660 million in cash and assumed equity.