TECHNOLOGY & TELECOMMUNICATIONS

San Jose-based Uniphase Corp. and Canada’s JDS Fitel Inc. agreed to merge in a $3.2-billion stock swap, creating the biggest maker of parts for the fiber-optic equipment used in phone networks. Uniphase will pay 0.50855 share for each of JDS’ 78.1 million shares, giving each company a 50% stake in JDS Uniphase. Uniphase Chairman and Chief Executive Kevin Kalkhoven will become co-chairman and CEO of the new company, while JDS President and CEO Jozef Straus will become co-chairman, president and chief operating officer. Uniphase shares rose to $80.75 when trading was halted on Nasdaq.