Laser and optical components maker II-VI said on Friday it would buy Apple supplier Finisar for about $3.2 billion, to expand in consumer electronics and fast-growing sectors such as autonomous vehicles.

II-VI will pay Finisar shareholders $26 per share in cash and stock, a premium of 37.7 percent to Finisar's closing share price on Thursday.

The acquisition of Finisar, which makes lasers used in Apple's iPhone cameras, will also allow II-VI to bulk up ahead of the global launch of 5G network.

The deal is expected to close in the middle of calendar year 2019, the company said. Band of America/Merrill Lynch is the financial adviser to II-VI, while Barclays advised Finisar.