Lumentum Holdings Inc. (NasdaqGS:LITE) entered into an agreement to acquire Cloud Light Technology Limited for $750 million on October 29, 2023. 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 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 Wilson Sonsini Goodrich & Rosati, P.C. Chris Rose and Andrew P. Rocks of Morgan, Lewis & Bockius LLP acted as legal advisors for Cloud Light.