JDS Uniphase Corporation (NasdaqGS:JDSU) agreed to spin off communications and commercial optical products segment on September 10, 2014. JDS Uniphase Corporation (NasdaqGS:JDSU) signed an agreement to spin off communications and commercial optical products segment on July 31, 2015. The separation is expected to occur through a tax-free pro rata spinoff to JDS Uniphase shareholders, though the structure is subject to change based upon various tax and regulatory factors. Alan Lowe, President of communications and commercial optical products segment and Executive Vice President of JDS Uniphase will act as Chief Executive Officer-designate of the stand-alone company. Tom Waechter, JDS Uniphase's President and Chief Executive Officer, will continue in the role with the remaining company. The separation is subject to the satisfaction of closing conditions, including, among others, obtaining final approval from JDS Uniphase Board of Directors, receipt of tax opinions, the effectiveness of an applicable registration statement with the Securities and Exchange Commission and satisfaction of foreign regulatory requirements. The transaction has been unanimously approved by Board of Directors of JDS Uniphase. The spin off CCOP business will be named Lumentum Holdings Inc. Lumentum intends to apply to list its common stock on the Nasdaq Stock Market under the ticker "LITE." JDSU's Network Enablement, Service Enablement and Optical Security and Performance Products businesses will be renamed Viavi Solutions Inc.

Current JDSU stockholders will own shares in both corporations following the separation. The spinoff is also subject to the satisfaction or waiver of a number of conditions, including the Registration Statement on Form 10 for Lumentum common stock being declared effective by the SEC, JDSU shall have received an opinion of PricewaterhouseCoopers LLP, Information Statement shall have been mailed to holders of JDSU Common Stock as of the Record Date, Common Stock to be delivered in the Distribution shall have been approved for listing on the NASDAQ, and certain other conditions. The transaction is expected to be completed in the third calendar quarter of 2015. As of February 27, 2015, JDS Uniphase announced the filing of a registration statement on Form 10 with SEC, in connection with the spinoff of its CCOP business. In addition, the company announced that Rex Jackson, Chief Financial Officer, will depart JDS Uniphase September 30, 2015, following the expected completion of the spinoff and necessary fiscal year-end filings. As on March 4, 2015, JDSU reported the filing of a Registration Statement on Form 10 with the U.S. Securities and Exchange Commission in connection with the spinoff. Rex Jackson, Chief Financial Officer, will depart JDSU September 30, 2015, following the expected completion of the spinoff. Aaron Tachibana will be Lumentum's Chief Financial Officer. Lumentum Holdings' head office will be located in Milpitas, California. JDS Uniphase will distribute approximately 80% of the outstanding shares of Lumentum and will retain approximately 20% stake. The shares of Lumentum will be listed for trading on the NASDAQ under the symbol "LITE".

As of June 17, 2015, JDSU announced the expected composition of the boards of directors for Lumentum Holdings and Viavi Solutions. Each of the Lumentum directors are expected to be appointed to the Lumentum board effective upon completion of the spin-off from JDSU. Lumentum expects to appoint Harold Covert, Penelope Herscher, Martin Kaplan, Brian Lillie, Samuel Thomas and Alan Lowe as directors. Harold Covert will serve as chairperson of the audit committee, Penelope Herscher will serve as chairperson of the compensation committee and Martin Kaplan will serve as chair of Lumentum's board of directors as well as the chairperson of the governance committee. Viavi expects its board to include Keith Barnes, Richard E. Belluzzo, Tim Campos, Masood Jabbar, Pamela Strayer and Thomas Waechter. Pamela Strayer will serve as chairperson of the audit committee, Keith Barnes will serve as chairperson of the compensation committee and Richard Belluzzo will serve as chair of Viavi's board as well as chairperson of the governance committee. JDSU will appoint Pamela Strayer, contingent upon the completion of the Lumentum spin-off. JDSU expects to complete the transaction in the third calendar quarter of 2015.

The transaction is expected to close on August 1, 2015. JDS shareholders will receive one share of Lumentum common stock for every five shares of JDSU common stock held on July 27, 2015.

Centerview Partners and Goldman, Sachs & Co. acted as financial advisors for JDS Uniphase. Gibson, Dunn & Crutcher LLP acted as legal advisor for Centerview Partners. Computershare Trust Company, N.A. acted as distribution agent. Ed Batts of DLA Piper LLP (US) acted as legal advisor for Lumentum and JDSU. PricewaterhouseCoopers LLP acted as accountant to JDSU.

JDS Uniphase Corporation (NasdaqGS:JDSU) completed the spin-off of communications and commercial optical products segment for approximately $920 million on August 1, 2015. Lumentum will commence regular-way trading on NASDAQ under the ticker symbol LITE on August 4, 2015.