Exhibit 99.1
LUMENTUM ANNOUNCES COMPLETION OF CLOUD LIGHT ACQUISITION
San Jose, Calif., November 7, 2023 Lumentum Holdings Inc. (NASDAQ: LITE) (Lumentum) today announced that it has completed its
previously announced acquisition of Cloud Light Technology Limited (Cloud Light).
I am excited to add Cloud Lights high-speed
optical transceiver products, differentiated technology, and talented team to Lumentum, said Alan Lowe, Lumentum President and CEO. Cloud operators have embraced this transaction, recognizing the enhanced customer value proposition it
brings through leading-edge technology, a broader product portfolio, and strengthened supply chain security, all at a time when Artificial Intelligence is driving data center compute capacity to its limits.
Under terms of the merger agreement, Lumentum acquired Cloud Light with a transaction value of approximately $750 million, before certain adjustments.
The transaction consideration was paid in cash from Lumentums balance sheet and the assumption and substitution of outstanding unvested Cloud Light options.
The transaction is expected to be immediately accretive to Lumentums non-GAAP earnings per share and is expected
to more than double Lumentums cloud data center infrastructure revenue in the 12-month period following the transaction close. The highly complementary combination squarely positions Lumentum as a leader
in providing photonics to cloud operators, enabling more than a five-fold expansion in the companys served opportunity inside of data centers. In the last twelve months, over 90 percent of Cloud Lights more than $200 million in
revenue was derived from 400G and higher speed products, and in their most recent quarter, over half of Cloud Lights optical transceiver revenue was derived from 800G transceivers.
As previously announced, Lumentum will release its fiscal first quarter 2024 financial results tomorrow, Wednesday, November 8, 2023, before the market
opens and host a conference call the same day at 5:30 a.m. PT/8:30 a.m. ET. During this call, Lumentum management will also provide an update on the Cloud Light transaction.
Advisors
BofA Securities served as the exclusive
financial advisor to Lumentum and Wilson Sonsini Goodrich & Rosati, Professional Corporation, served as legal advisor. Morgan, Lewis & Bockius LLP served as legal advisor to Cloud Light.
About Lumentum
Lumentum (NASDAQ: LITE) is a
market-leading designer and manufacturer of innovative optical and photonic products enabling optical networking and laser applications worldwide. Lumentum optical components and subsystems are part of virtually every type of telecom, enterprise,
and data center network. Lumentum lasers enable advanced manufacturing techniques and diverse applications including next-generation 3D sensing capabilities. Lumentum is headquartered in San Jose, California with R&D, manufacturing, and sales
offices worldwide. For more information, visit www.lumentum.com.
About Cloud Light
Cloud Light Technology Limited designs, markets, and manufactures advanced optical modules for automotive sensors and data center interconnect applications.
The companys core team has over 18 years of experience in the design of advanced optical modules, with a rich heritage in advanced manufacturing and delivering superior quality and customer experience. Founded in 2018, Cloud Light is
headquartered in Hong Kong, with R&D centers in Hong Kong and Taiwan and state-of-the-art manufacturing facilities in
Dongguan, China and Southeast Asia. For more information, visit www.cloudlight.com.hk.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events, including the timing of the proposed transaction and other information related to the proposed transaction. In some cases, you can
identify forward-looking statements because they contain words such as may, will, should, expects, plans, anticipates, could, intends,
target, projects, contemplates, believes, estimates, predicts, potential or continue or the negative of these words or other similar terms or expressions
that concern the proposed transaction and our expectations, strategy, plans or intentions regarding it. Forward-looking statements in this communication