We are advising Credo Technology Group on the transaction

Davis Polk is advising Credo Technology Group Holding Ltd. on its acquisition of DustPhotonics, in a cash-and-stock transaction. Under the terms of the agreement, Credo will acquire DustPhotonics for upfront consideration of $750 million cash and approximately 0.92 million shares of Credo common stock, with incremental contingent consideration of up to approximately 3.21 million shares payable based on the achievement of certain financial milestones, subject to the terms of the definitive agreement. The transaction is expected to close in the second quarter of calendar 2026, subject to customary closing conditions and regulatory approvals.

Credo’s mission is to transform connectivity at scale through fast, reliable and energy-efficient system solutions. Credo’s high-speed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6 terabytes to meet the ever-expanding data infrastructure demands of AI.

DustPhotonics is an Israel-based fabless semiconductor company developing silicon photonics photonic integrated circuit technology for high-speed optical transceivers. DustPhotonics operates a fabless model and has secured design wins with leading hyperscale cloud customers, providing a platform for expansion.

The Davis Polk corporate team includes partner Alan F. Denenberg, counsel Jason Bassetti and associates Rong (Fiona) Huang, Karen Yang and Alexis Aguila Johnson. Partner Corey M. Goodman and associate Omar Hersi are providing tax advice. Partner Matthew J. Bacal are providing intellectual property advice. Partner Veronica M. Wissel and counsel Charlotte R. Fabiani are providing executive compensation advice. Members of the Davis Polk team are based in the Northern California and New York offices.

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