Cepton, Inc. (Nasdaq: CPTN), a leader in high-performance lidar solutions based in Silicon Valley, has announced a definitive agreement with KOITO MANUFACTURING CO., LTD. (TSE: 7276), a prominent automotive tier-one supplier. Under the agreement, Koito will acquire all outstanding shares of Cepton not already owned by Koito for $3.17 per share in an all-cash transaction. This offer represents a 25.3% premium over Cepton’s closing price as of July 26, 2024. Details of the transaction will be provided in Cepton’s current report on Form 8-K, to be filed with the Securities and Exchange Commission today.
The acquisition will enhance Koito’s sensor technology portfolio while providing Cepton with the financial stability needed for the further development of its lidar technology. Post-acquisition, Cepton will become a privately held indirect subsidiary of Koito in the U.S.
“I am excited about this next chapter for Cepton as we join forces with Koito,” said Dr. Jun Pei, CEO and Co-founder of Cepton. “Our partnership with Koito, a long-time supporter and investor, has been instrumental in our success. This transition will enable us to leverage Koito’s engineering expertise to drive innovation and deliver high-quality solutions worldwide, positioning Cepton as a leading automotive lidar company.”
Michiaki Kato, President and COO of Koito, commented: “We have been impressed by Cepton’s technical capabilities and believe this acquisition aligns with Koito’s vision of ‘lighting the way for our sustainable future.’ Adding lidar technology to our offerings will enhance our sensor business and support the next generation of mobility, including ADAS and autonomous driving.”
Mitch Hourtienne, Chief Commercial Officer at Cepton, added: “Our partnership with Koito will expand our business opportunities and positively impact the automotive lidar ecosystem, driving industry standards and accelerating adoption. We are committed to supporting our OEM customers with a stable supply chain to advance lidar-enhanced assisted and autonomous driving technologies.”
O’Melveny and Myers LLP is serving as legal advisor to Cepton. Craig-Hallum Capital Group LLC is the exclusive financial advisor to Cepton’s special committee, with Cooley LLP as legal advisor. Davis Polk & Wardwell LLP and Nishimura & Asahi (Gaikokuho Kyodo Jigyo) are advising Koito, and WTW is providing HR advisory services to Koito.
