Lumentum Holdings Inc. completed the acquisition of Cloud Light Technology Limited from Asia-IO Advisors Limited, Ace Equity Partners LLC and Yangtze Optical Fibre and Cable Company (Hong Kong) Limited.
November 06, 2023
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Lumentum Holdings Inc. (NasdaqGS:LITE) entered into an agreement to acquire Cloud Light Technology Limited from Asia-IO Advisors Limited, Ace Equity Partners LLC and Yangtze Optical Fibre and Cable Company (Hong Kong) Limited for $750 million on October 29, 2023. The consideration payable to Yangtze Optical Fibre and Cable Company for 11.2% stake is $84 million. Lumentum intends to finance the transaction through cash from its balance sheet. Cloud Light reported revenues of more than $200 million for the last twelve months. The total asset and the net asset value of Cloud Light was approximately $193.01 million and $154.50 million, respectively as at June 30, 2023. The respective boards of directors of Lumentum and Cloud Light have unanimously approved the transaction. Cloud Light?s shareholders have unanimously approved the transaction. Completion is subject to certain required regulatory approvals, including the expiration or termination of the waiting period under the United States Hart-Scott-Rodino Antitrust Improvements act, requisite shareholder approval, execution of Key Employee Agreements. The transaction is expected to close by the end of calendar 2023. Acquisition expected to be immediately accretive to non-GAAP earnings per share and to more than double Lumentum?s cloud intra-data center infrastructure revenue in the 12-month period following the transaction close. BofA Securities, Inc. acted as financial advisor while Rob Ishii & Rich Mullen of Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisors for Lumentum. Chris Rose and Andrew P. Rocks of Morgan, Lewis & Bockius LLP acted as legal advisors for Cloud Light. Fortis Advisors, LLC acted as financial advisors to Yangtze Optical Fibre and Cable Company, Ace Equity Partners and Asia-IO Advisors.
Lumentum Holdings Inc. (NasdaqGS:LITE) completed the acquisition of Cloud Light Technology Limited from Asia-IO Advisors Limited, Ace Equity Partners LLC and Yangtze Optical Fibre and Cable Company (Hong Kong) Limited on November 7, 2023. The total transaction value is approximately $750.0 million. Lumentum paid cash consideration of $706.6 million to shareholders of Cloud Light on the Closing date. Additionally, converted each of Cloud Light?s outstanding options into options to acquire Lumentum common stock with equivalent value.
Lumentum Holdings Inc. is a provider of optical and photonic products addressing a range of end market applications including Optical Communications (OpComms) and Commercial Lasers (Lasers) for manufacturing, inspection and life-science applications. Its segments include OpComms and Lasers. Its OpComms segment includes a range of components, modules and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul (city-to-city and worldwide) and submarine (undersea) applications. In addition, its products address enterprise, cloud, and data center applications, including storage-access networks (SANs), local-area networks (LANs) and wide-area networks (WANs), as well as artificial intelligence and machine learning (AI/ML). Its Laser products are used in a variety of original equipment manufacturers (OEMs) applications, including diode-pumped solid-state, fiber, diode, direct-diode and gas lasers, such as argon-ion and helium-neon lasers.
Lumentum Holdings Inc. completed the acquisition of Cloud Light Technology Limited from Asia-IO Advisors Limited, Ace Equity Partners LLC and Yangtze Optical Fibre and Cable Company (Hong Kong) Limited.
LUMENTUM HOLDINGS INC. 
