Mergers and Acquistions News
Categories: Telecoms
March 23rd 2010, 16:48PM
Network specialist Ciena Corporation has completed the acquisition of the optical networking and carrier Ethernet assets of Nortel's Metro Ethernet Networks business, in an all-cash transaction valued at $773.8 million (£513.5 million).
Ciena has ensured that upon the closing of the deal, all applicable Nortel customer and supply contracts will be transferred to the company, while former Nortel MEN president Philippe Morin has been appointed Ciena's senior vice-president of global products.
Gary Smith, president and chief executive officer of Ciena, said that the acquisition will lead to a broader geographic reach, deeper relationships with customers and a more robust portfolio of solutions.
"The acquisition of these assets accelerates Ciena's overall strategy and gives us stronger operating leverage to continue investing in innovation that will allow us to deliver on our vision for next-generation networks," he added.
Ciena's previous acquisitions include World Wide Packets, Internet Photonics, Catena Networks, Omia and Alta Telecom.
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