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Monday, November 23, 2009
Ciena Buys Nortel for $769 Million
FOXBusiness
Ciena Corp (CIEN has consented to purchase Nortel Networks (NT) for $769 million following a three-day auction.
Nortel, the bankrupt Ethernet equipment maker, will be purchased by Ciena after Nokia Siemens’ bid for the company was trumped.
Ciena will pay $530 million in cash and $239 million in senior convertible notes of 6% that will be due 2017. This differs from Ciena’s initial offering of $390 million in cash and 10 million shares, totaling $522 million.
Ciena has said that the deal will add “significantly” to results from operations in 2011.
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