Key Takeaways
- • TJC, L.P. has agreed to acquire Luna Innovations in an all-cash take-private transaction valued at $1.39 per share in cash, representing a 26% premium to Luna's 60-day volume-weighted average trading price.
- • The transaction is expected to close in the second half of 2026, subject to stockholder approval and customary closing conditions; Luna will be delisted from public markets following completion.
- • Luna Innovations is a global leader in advanced fiber optic-based technology serving industrial technology end markets; TJC plans to support continued growth and investment in innovative product development post-acquisition.
- • Kirkland & Ellis is advising TJC on the definitive agreement to acquire 100% of Luna Innovations, with Kevin Ilcisin serving as Luna's President and Chief Executive Officer.
- • White Hat Capital Partners, Luna's main financial backer, has been instrumental in driving the sale process; the firm previously invested $50 million in Luna to support growth initiatives.
Summary
Luna Innovations Incorporated, a publicly traded developer of advanced fiber optic-based technology solutions, has entered into a definitive merger agreement to be acquired by private equity firm TJC, L.P. in an all-cash transaction. Under the terms of the Merger Agreement announced on June 26, 2026, each outstanding share of Luna's common stock will be converted into $1.39 in cash per share. This valuation represents approximately a 26% premium to Luna's 60-day volume-weighted average trading price, providing a meaningful exit for public shareholders.
The transaction is structured as an all-equity deal designed to support Luna's continued growth and investment in specialized, highly engineered optical applications across multiple industrial technology end markets. Erik Fagan, Partner and Head of Industrial Technology at TJC, emphasized the firm's commitment to backing Luna's innovation pipeline, stating that the combination strengthens customer relationships and provides greater opportunities for employees and suppliers. Luna's President and Chief Executive Officer Kevin Ilcisin framed the acquisition as enhancing the company's ability to solve complex customer problems while transitioning out of the public markets to access TJC's industrial and financial expertise.
The acquisition closes a significant chapter for Luna following its history of organic development and strategic acquisitions in the fiber optics sector, including the purchase of optical test and measurement company Luna Technologies. White Hat Capital Partners, Luna's principal financial backer and a $50 million investor in the company, has been the driving force behind the sale process. Kirkland & Ellis is providing legal counsel to TJC on the definitive agreement. The transaction is expected to close in the second half of 2026, contingent upon stockholder approval and satisfaction of customary closing conditions including regulatory clearances.
The transaction is structured as an all-equity deal designed to support Luna's continued growth and investment in specialized, highly engineered optical applications across multiple industrial technology end markets. Erik Fagan, Partner and Head of Industrial Technology at TJC, emphasized the firm's commitment to backing Luna's innovation pipeline, stating that the combination strengthens customer relationships and provides greater opportunities for employees and suppliers. Luna's President and Chief Executive Officer Kevin Ilcisin framed the acquisition as enhancing the company's ability to solve complex customer problems while transitioning out of the public markets to access TJC's industrial and financial expertise.
The acquisition closes a significant chapter for Luna following its history of organic development and strategic acquisitions in the fiber optics sector, including the purchase of optical test and measurement company Luna Technologies. White Hat Capital Partners, Luna's principal financial backer and a $50 million investor in the company, has been the driving force behind the sale process. Kirkland & Ellis is providing legal counsel to TJC on the definitive agreement. The transaction is expected to close in the second half of 2026, contingent upon stockholder approval and satisfaction of customary closing conditions including regulatory clearances.
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