Press release
Lumentum And Coherent To Combine, Uniting Global Industry Leaders To Accelerate The Future Of Photonics
-- Lumentum to acquire Coherent in a $5.7 billion cash and stock transaction -- Brings together highly complementary, best-in-class portfolios and teams to
About this update from Lumentum Holdings Inc.
[{"type":"text","content":"-- Lumentum to acquire Coherent in a $5.7 billion cash and stock transaction\n -- Brings together highly complementary, best-in-class portfolios and teams to accelerate photonic innovation, and significantly expands Lumentum's penetration of the more than $10 billion market for lasers and photonics outside of communications and 3D sensing\n -- Expected to deliver more than $150 million in annual run-rate synergies within 24 months of transaction close, and be accretive to non-GAAP earnings per share during the first full year after closing\n -- Lumentum and Coherent announce strong preliminary financial results\n -- The companies to host conference call today at 5:30 A.M. PT / 8:30 A.M. ET\n\n\nSAN JOSE, Calif., and SANTA CLARA, Calif., Jan. 19, 2021 /PRNewswire/ -- Lumentum Holdings Inc. (\"Lumentum\") and Coherent, Inc. (\"Coherent\") today announced that they have entered into a definitive agreement under which Lumentum will acquire Coherent in a cash and stock transaction valued at $5.7 billion. Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Coherent stockholders will receive $100.00 per share in cash and 1.1851 shares of Lumentum common stock for each Coherent share they own. At closing, Coherent stockholders are expected to own approximately 27% percent of the combined company. \nThe combination unites Coherent's leading photonics and lasers businesses, including in the Microelectronics, Precision Manufacturing, Instrumentation, and Aerospace & Defense markets, with Lumentum's leading Telecom, Datacom, and 3D Sensing photonics businesses, creating a diversified photonics technology company with significantly increased scale and market reach. The combination accelerates Lumentum's penetration of the more than $10 billion market for lasers and photonics outside of the communications and 3D sensing applications. The powerful R&D engine of the combined company will be primed to accelerate innovation in existing and future markets that need the unique capabilities that photonics bring. The combined company will be better positioned to serve the needs of a global customer base increasingly dependent on photonics to enable important end-market transitions including the shift to digital and virtual approaches to work and life, the transition to 5G in wireless net...