Ciena To Pay $769M For Nortel Optical, Ethernet Assets

Law360, New York (November 23, 2009, 3:28 PM EST) -- Ciena Corp. has won a bid to acquire substantially all of the optical networking and carrier Ethernet assets of bankrupt telecommunications company Nortel Networks Corp. in a deal worth $769 million in cash and debt, the companies announced Monday.

After a recent auction in New York, Ciena agreed to pay $530 million in cash and $239 million in senior convertible notes due in 2017, substantially more than the communications equipment supplier's stalking horse bid in October, according to the companies.

“Ciena's commitment to the future of...
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