M&A · Tech · Laboratory Analytical Instruments
Lumentum Holdings Inc. to acquire Coherent Inc
Announced Jan 19, 2021 · Terminated Feb 8, 2021
Deal value$5.70BEV $6.88B
Premium49.0%To unaffected price
EV / Adj. EBITDA—5.6x EV / Revenue
ConsiderationCash and stock$281.21 per share
Transaction
- Acquirer
- Lumentum Holdings Inc. (LITE)
- Target
- Coherent Inc
- Buyer type
- Strategic
- Offer price per share
- $281.21
- Enterprise value
- $6.88B
- Status
- Terminated Feb 8, 2021
Deal protections
- Break fee (target pays)
- $218M · 3.8%
- Reverse fee (buyer pays)
- $338M · 5.9%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Citigroup, MUFG, HSBC, Mizuho, BMO Capital Markets
Advisors
- To the acquirer
- Deutsche Bank
- To the target
- BofA Securities
Sector context · Tech
- Comparable deals
- 15 in the prior 24 months
- Premium
- 49.0% vs. 31.9% sector median
- EV / Adj. EBITDA
- Sector median 20.0x
- Break fee
- 3.8% vs. 3.0% sector median
Timeline
- AnnouncedJan 19, 2021
- TerminatedFeb 8, 2021