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.

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