JDSU (NASDAQ: JDSU) says its re-formation into Viavi Solutions and Lumentum Holdings Inc. will occur August 1, 2015. The Communications and Commercial Optical Products (CCOP) business segment will split off as a separate public company on that date, and the special dividend distribution of approximately 80.1% of Lumentum's common stock to JDSU shareholders will take place on August 3, the first trading day after the split.
JDSU will then assume the name of Viavi Solutions, with a primary focus on network and service enablement. It also will retain ownership of approximately 19.9% of Lumentum's outstanding shares. However, it says it will liquidate these shares within three years from the closing.
Both Viavi and Lumentum will begin trading on NASDAQ August 4, Viavi as VIAV and Lumentum as LITE.
JDSU shareholders will receive one share of Lumentum stock for every five shares of JDSU common stock they possess, as well as cash in lieu of fractional shares.
"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," said Tom Waechter, president and chief executive officer of JDSU, and CEO-designate for Viavi Solutions. "We look forward to completing the final steps in this process and launching exciting, new chapters for Lumentum and Viavi Solutions."
Alan Lowe, current head of the CCOP, will serve as CEO of Lumentum. The directors of the two companies were announced last month.
Source:Lightwave