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17 July 2015

JDSU's separation to be completed on 1 August; Lumentum shares to be distributed on 3 August

JDSU of Milpitas, CA, USA has announced several key dates in connection with the separation of its Communications and Commercial Optical Products (CCOP) business segment as a separate public company named Lumentum Holdings Inc, and the special dividend distribution of about 80.1% of Lumentum's common stock to JDSU shareholders, subject to the conditions set forth in Lumentum's registration statement on Form 10, as filed with the US Securities and Exchange Commission (SEC) on 26 February. 

Lumentum will specialize in optical components and subsystems for the telecoms market, with high-growth opportunities in data communications, driven by the rapid expansion of cloud networking and data-center infrastructure, and in high-performance lasers for both macro and micro materials processing applications. Lumentum will also focus on growing its 3D sensing and commercial lasers business and expanding into other market segments that can benefit from optical and laser technologies. 

JDSU's continuing Network Enablement (NE), Service Enablement (SE) and Optical Security and Performance Products (OSP) businesses will become Viavi Solutions Inc.

"By operating as two independent companies, we believe Lumentum and Viavi Solutions will each be able to leverage a strong history while being more flexible and better positioned to capitalize on new opportunities in their respective markets," says Tom Waechter, president & CEO of JDSU and CEO-designate for Viavi Solutions.

For every five shares of JDSU common stock held on 27 July, JDSU shareholders will receive one share of Lumentum common stock (plus cash in lieu of fractional shares).

The special dividend distribution is expected to be effective on 1 August, and paid on the first trading day afterwards (3 August) to JDSU shareholders of record as of the close of business on 27 July who continue to hold shares until the ex-dividend date.

The distribution of Lumentum common stock will complete the formal separation of CCOP from JDSU. After the distribution, Lumentum will be an independent, publicly traded company. JDSU will be renamed Viavi Solutions Inc and will retain ownership of about 19.9% of Lumentum's outstanding shares. Based on about 235.3 million shares of JDSU common stock outstanding as of 27 June, a total of about 47.1 million shares of Lumentum common stock will be distributed to shareholders and about 11.7 million shares will be retained by Viavi. Viavi is committed to liquidating these shares within three years from the closing.

Lumentum and Viavi will begin 'regular way' trading on NASDAQ (under the ticker symbols 'LITE' and 'VIAV', respectively) on the ex-dividend date of 4 August.

See related items:

JDSU to spin off CCOP business into Lumentum in August

JDSU announces board members for Lumentum and Viavi

JDSU to spin off CCOP business as Lumentum by Q3/2015; NE, SE and OSP businesses to become Viavi

JDSU separates into optical components and commercial lasers company and network and service enablement company

Tags: JDSU Optical communications Laser diodes

Visit: www.jdsu.com

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