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Ciena Wins Nortel's Optical Networking, Ethernet Business

Posted by Susan Hall Nov 23, 2009 10:39:24 AM

Ciena has trumped a competing bid by Nokia Siemens to win the auction of Nortel's optical networking and carrier Ethernet business for $769 million, reports MarketWatch.

 

It offered $530 million in cash and $239 million in convertible notes. Last week bankrupt Nortel decided to keep bidding open after Ciena's stalking-horse bid, valued at about $515 million, appeared to be the only one.

 

Two-thirds of Ciena's customers are in the United States and the acquisition will add customers in Europe and Asia, according to Bloomberg.

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