RETIRED CONTENT

Please note that the content on this page is retired. This content is not maintained and may contain information or links that are out of date.

(24-Nov-09) Ciena Corp. won the auction for wilting Canadian technology icon Nortel Networks Corp.'s global Ethernet assets and promised to preserve 2,000 highly-skilled jobs, many in Ottawa.

The $769 million (U.S.) offer – $530 million in cash and the rest in notes – for Nortel's metro Ethernet networks unit follows a much smaller "stalking horse" or initial bid and beat an undisclosed, lower offer from Nokia Siemens Networks.

The bid goes before U.S. and Canadian bankruptcy courts on Dec. 2 for approval.

Nortel's optical networking unit is the last major division to be auctioned off following Nortel's entry into bankruptcy protection, though the company still has other assets. The agreed-upon price is in the upper range of analysts' estimates, but well below the book price of Nortel's valuable technology, global contracts, around 2,250 global employees, and intellectual property.

Click here for full article

Related Content

Hide Details

Search Code: 15022
Published: November 24, 2009
Last Revised: November 24, 2009

To speak to one of our Analysts,
Contact Info-Tech Public Relations
press@infotech.com

or call:
US: 1-888-670-8889
Canada: 1-844-618-3192
International: +1-519-432-3550