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Cisco plans to buy Acacia Communications in a $ 2.6 billion deal

Chuck Robbins, CEO of Cisco, speaks at the 2019 WEF in Davos, Switzerland on January 23, 2019.

Adam Galica | CNC

Cisco plans to buy Acacia Communications for $ 70 per share in cash in a $ 2.6 billion deal on a fully diluted basis, the companies announced Tuesday.

Acacia increased more than 38% during premarket trading on Tuesday and added more than $ 700 million to market coverage, now $ 2 billion. Cisco was down 1[ads1]% on the market.

The acquisition will improve Cisco's optical system portfolio, according to a press release. Acacia is a network company that is already a supplier for Cisco.

The agreement is expected to close in the second half of Cisco's fiscal year 2020, according to the announcement. Acacia employees will be part of Cisco's Optical Systems and Optics business up close, the companies said.

Last year, Cisco announced in August that they would buy cloud-based cybersecurity company Duo Security for $ 2.35 billion in cash and shares. In December, Cisco said it was planning to buy the Luxtera semiconductor company for $ 660 million in cash and assumed equity.

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