Oct 30 (Reuters) - Lumentum Holdings (LITE.O) said on Monday it would buy Hong Kong-based Cloud Light Technology for about $750 million, as the networking equipment maker looks to capitalize on growing demand for cloud computing.
Cloud Light, which makes fiber optic equipment and automotive sensors, is expected to expand Lumentum's opportunities in the cloud data center and networking infrastructure space.
Cloud Light, which was spun off from Japanese electronic components manufacturer TDK (6762.T) in 2018, generated about $200 million in revenue over the last year, Lumentum added.
Lumentum intends to finance the transaction, expected to close by the end of this year, through cash from its balance sheet.
At the time of closing, the transaction amount would be paid in cash and the assumption and substitution of outstanding unvested Cloud Light options.
Persons:
Lumentum, Arsheeya, Shilpi Majumdar
Organizations:
Lumentum Holdings, Light Technology, Microsoft, Google, Securities, Thomson
Locations:
Hong Kong, California, Bengaluru