On January 19, 2021, Lumentum Holdings Inc., a designer and manufacturer of innovative optical and photonic products, and Coherent, Inc., a global supplier of industrial and fiber laser solutions, announced a definitive agreement under which Lumentum will acquire Coherent in a cash and stock transaction valued at $5.7 billion. Wilson Sonsini Goodrich & Rosati is advising Lumentum on the transaction.

According to the press release, the combination unites Coherent’s leading photonics and lasers businesses, including in the microelectronics, precision manufacturing, instrumentation, and aerospace and defense markets, with Lumentum's leading telecom, datacom, and 3D sensing photonics businesses, creating a diversified photonics technology company with significantly increased scale and market reach. The combination accelerates Lumentum’s penetration of the more than $10 billion market for lasers and photonics outside of the communications and 3D sensing applications.

Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Coherent stockholders will receive $100.00 per share in cash and 1.1851 shares of Lumentum common stock for each Coherent share they own. The transaction is expected to close in the second half of calendar year 2021, subject to approval by Lumentum's and Coherent's stockholders, receipt of regulatory approvals, and other customary closing conditions.

The Wilson Sonsini team advising Lumentum includes the following attorneys:

M&A
Robert Ishii, Partner
Rich Mullen, Partner
Brian Chan, Associate
Stephanie Chen, Associate
Eric Chang, Associate

Corporate
Lisa Stimmell, Partner
Mark Bass, Partner
Julian Sarafian, Associate

Debt Finance
John Mao, Partner
Dana Hall, Partner
David Hu, Associate
Jason Koo, Associate

Employee Benefits & Compensation
Michael Montfort, Senior Counsel
Jason Chan, Associate

Antitrust
Brendan Coffman, Of Counsel

Tax
Myra Sutanto Shen, Partner

Technology Transactions
Barath Chari, Partner-Elect
Rosalind Schonwald, Associate
Sarah delos Santos, Associate

Privacy and Cybersecurity
Matt Staples, Partner
Daniel Chen, Associate
Michael O'Brien, Associate

Employment Law
Matt Gorman, Associate
Alison Renner, Associate
Neil Gulyako, Associate

Regulatory
Josephine Aiello LeBeau, Partner
Anne Seymour, Counsel
Seth Cowell, Associate

Real Estate & Environmental
James McCann, Partner
Martin Sul, Senior Counsel

For more information, please see Lumentum’s press release.