3 August 2022
Lumentum completes acquisition of NeoPhotonics
Lumentum Holdings Inc of San Jose, CA, USA has completed its acquisition (announced on 3 November) of San Jose-based NeoPhotonics Corp.
NeoPhotonics is a vertically integrated designer and manufacturer of silicon photonics and hybrid photonic integrated circuit (PIC)-based lasers, modules and subsystems for high-speed communications. Lumentum designs and makes photonics products for optical networks and lasers for industrial and consumer markets.
“I am excited to unite NeoPhotonics’ differentiated products and technology and talented team with those of Lumentum,” says Lumentum’s president & CEO Alan Lowe. “This acquisition better positions us for attractive growth opportunities created by the digital transformation of work and life, which is driving relentless growth in the needed volumes and performance of cloud and network infrastructure,” he adds. “I want to thank NeoPhotonics’ CEO Tim Jenks and the rest of NeoPhotonics’ leadership team for their contributions in getting us to this important milestone.”
Under the terms of the merger agreement, NeoPhotonics stockholders will receive $16 in cash for each share of NeoPhotonics common stock.
Lumentum expects to achieve more than an estimated $50m in annual run-rate synergies within 24 months of finalizing the transaction. Lumentum financed the transaction with cash from the combined companies’ balance sheets.
Due to the timing of closing the NeoPhotonics acquisition, there is no impact to Lumentum’s fiscal fourth-quarter 2022.