Ciena to Acquire Ethernet Business From Nortel Monday, November 23, 2:46 PM ET
Ciena (NASDAQ:CIEN) beat out a rival bid from joint venture Nokia Siemens Networks (NOK, SI) in an auction to acquire Nortel Networks' ethernet business for $769 million.
Ciena's offer totals $530 million in cash and $239 million in convertible notes.
Ciena said the acquisition will be accretive to operations in 2011, and will help accelerate Ciena's strategy to deliver innovative network solutions to customers.
Ciena said it will offer jobs to 2,000 employees of bankrupt Nortel.
Ciena shares are trading down over nine percent on Monday morning.
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