A Jefferson Township-based company that specializes in engineered materials and optoelectrical components will merge with a California-based company in a multi-billion-dollar deal.

II-VI Corp. and Finisar Corp. announced the transaction, valued at $3.2 billion, in a press release Friday morning. II-VI said that the “definitive merger agreement” will allow it to acquire Finisar and leave that company’s stockholders owning about 31 percent of the combined company.

The merger will create an organization that will employ more than 24,000 people at 70 facilities worldwide — an arrangement II-VI CEO Vincent D. Mattera said was made attractive by “disruptive megatrends” focused on innovative use of lasers and other engineered materials.

“Together, we believe that we will be better strategically positioned to play a strong leadership role in the emerging markets of 5G, 3D sensing, cloud computing, electric and autonomous vehicles and advanced microelectronics manufacturing,” Mattera said in a news release announcing the deal.

Mattera said both companies have a “long history of focusing on innovation, breakthrough solutions and competitive follow-through.”

Michael Hurlston, Finisar’s CEO, called the merger an arrangement that will allow the companies to “accelerate our collective growth and ... take advantage of the technology, products and manufacturing expertise that Finisar has uniquely developed over the course of its 30-year history.”