Lumentum to acquire Cloud Light for $750M; Q1 revenue ~$317M above guidance

Lumentum Holdings Inc.

Acquisition of Cloud Light valued at ~$750M, paid in cash and assumption of unvested options; expected to close by end of 2023.
Cloud Light's last-12-month revenue >$200M, >90% from 400G+ modules; 800G modules over half of recent revenue.
Lumentum expects Q1 FY2024 revenue ~$317M (above August guidance midpoint) and non-GAAP EPS above midpoint; full results Nov 8.
Transaction expected to be immediately accretive to non-GAAP EPS and more than double cloud intra-data center revenue in 12 months post-close.
Boards and Cloud Light shareholders unanimously approved; no Lumentum stockholder vote required.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Lumentum Holdings Inc. reported first fiscal quarter of 2024 results: revenue approximately $317 million, EPS non-GAAP diluted earnings per share would be above the midpoint of the guidance range provided on August 17, 2023. Guidance reaffirmed.

Period: first fiscal quarter of 2024
Revenue: approximately $317 million
EPS: non-GAAP diluted earnings per share would be above the midpoint of the guidance range provided on August 17, 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Lumentum reported that it expected that its first fiscal quarter of 2024 revenue would be approximately $317 million, above the midpoint of the guidance range provided on August 17, 2023, and non-GAAP diluted earnings per share would be above the midpoint of the guidance range provided on August 17, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Lumentum Holdings Inc. entered into Agreement and Plan of Merger with Cloud Light Optoelectronics Limited valued at $750,000,000 (effective 2023-10-29).

Action: entry
Agreement: merger
Counterparty: Cloud Light Optoelectronics Limited
Value: $750,000,000
Effective: 2023-10-29

Exact text from the filing

der the laws of the British Virgin Islands with company number 2132602 and whose registered office is located at 171 Main Street, Road Town, Tortola, British Virgin Islands, VG1110 and a direct or indirect wholly owned subsidiary of Acquiror (“ Merger Sub ”), Cloud Light Optoelectronics Limited, a BVI business company limited by shares incorporated under the laws of the British Virgin Islands with company number 2037335 and its registered office at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands (“ Cloud Light ”), and Fortis Advisors LLC, a Delaware limited liability company, solely in its capacity as the agent for and on behalf of the Securityholders under the Agreement, entered into an Agreement and Plan of Merger (the “ Merger Agreement ”).

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Lumentum Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-265658

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