Oclaro's stockholders voted to approve the merger agreement under which Lumentum will acquire Oclaro. Approximately 96.2% of voting Oclaro stockholders cast their votes in favor of the proposal to approve the merger agreement, representing approximately 65.6% of Oclaro's outstanding common stock as of the record date for the Special Meeting of Stockholders.
Greg Dougherty, Oclaro CEO, commented, "Today our stockholders voted overwhelmingly to approve the combination of Oclaro and Lumentum. Together, we will be an even stronger player in fiber optic components and modules for high-speed communications and a market leader in 3D sensing. We are excited and optimistic about the opportunities this creates for all of our stakeholders, including stockholders, employees, customers and partners."
Lumentum to acquire Oclaro for $1.8 billion
Under the deal, Oclaro stockholders will be entitled to receive $5.60 in cash and 0.0636 of a share of Lumentum common stock for each share of Oclaro stock, representing a premium of 27% to Oclaro's closing price on March 9, 2018 and a premium of 40% to Oclaro's 30 day average closing price. Oclaro stockholders are expected to own approximately 16% of the combined company at closing.
The combined company is expected to have annual revenue of $1.733 billion and an operating margin of 19%, prior to synergies from the combination.
Lumentum, which is based in Milpitas, California, supplies a range of optical components and subsystems for telecom, enterprise, and data center networking equipment. The company was created in 2015 as a split off from JDSU.
Oclaro supplies optical components and modules for the long-haul, metro and data center markets. The company is based in San Jose, California.
