M&A · Tech · Semiconductors & Related Devices
Lumentum Holdings Inc. to acquire Neophotonics Corp
Announced Nov 4, 2021 · Closed Aug 3, 2022
Deal value$918MEV $901M
Premium39.0%To unaffected price
EV / Adj. EBITDA—3.2x EV / Revenue
ConsiderationAll cash$16.00 per share
Transaction
- Acquirer
- Lumentum Holdings Inc. (LITE)
- Target
- Neophotonics Corp (NPTN)
- Buyer type
- Strategic
- Offer price per share
- $16.00
- Enterprise value
- $901M
- Status
- Closed Aug 3, 2022
Deal protections
- Break fee (target pays)
- $27.5M · 3.0%
- Reverse fee (buyer pays)
- $55.1M · 6.0%
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Union Square Advisors
- Union Square Advisors fee
- $9.1M
Sector context · Tech
- Comparable deals
- 43 in the prior 24 months
- Premium
- 39.0% vs. 30.8% sector median
- EV / Adj. EBITDA
- Sector median 18.1x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedNov 4, 2021
- Proxy filedDec 1, 2021
- Definitive proxyDec 23, 2021
- Shareholder voteFeb 1, 2022
- ClosedAug 3, 2022
Valuation · fairness opinions
Trading comparables$11.85$13.99
Trading comparables$14.06$16.93
Trading comparables$9.79$11.41
Trading comparables$10.66$12.96
Premiums paid$13.18$16.40
Offer $16.00
Implied value per Neophotonics Corp share by analysis, from Union Square Advisors.