Ciena Pays $521M For Nortel Optical, Ethernet Assets

Law360, New York (October 7, 2009, 1:54 PM EDT) -- Communications equipment supplier Ciena Corp. will pay $390 million in cash and about $131 million in stock to acquire substantially all of bankrupt telecommunications company Nortel Networks Corp.’s optical networking and carrier Ethernet assets, the companies have announced.

Nortel also will receive 10 million shares of Ciena common stock as part of the deal the two firms revealed on Wednesday.

Based on the closing price of Ciena’s stock on Oct. 6, the aggregate value of the shares to be issued by Ciena is about $131 million,...
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