Ciena Corporation has been selected as the successful bidder in the auction of substantially all of the optical networking and carrier Ethernet assets of Nortel’s Metro Ethernet Networks business. Ciena has agreed to pay US $530 million in cash and issue US $239 million in aggregate principal amount of 6 percent senior convertible notes due 2017 for a total consideration of US $769 million for the assets.??

A motion to approve Ciena as the acquirer will be heard by bankruptcy courts in the United States and Canada on December 2. Ciena is expected to make employment offers to at least 2,000 Nortel employees. The transaction is expected to close in the first quarter of 2010 subject to additional regional regulatory clearances and customary closing conditions.

The Daily

Subscribe

Still Dark

Mediacom lost Tegna stations over a retransmission consent conflict more than 100 days ago. The blackout could cost customers the Oscars and the NFL Drafts.

Read the Full Issue
The Skinny is delivered on Tuesday and focuses on the cable profession. You'll stay in the know on the headlines, topics and special issues you value most. Sign Up

Jobs

Seeking an INDUSTRY JOB? VIEW JOBS

Hiring? In conjunction with our sister brand, Cynopsis, we are offering hiring managers a deep pool of media-savvy, skilled candidates at a range of experience levels and sectors, The result will be an even more robust industry job board, to help both employers and job seekers.

Contact John@cynopsis.com for more information.