Thursday, March 18, 2010

Ciena Completes Its Acquisition of Nortel's Metro Ethernet Division

Ciena completed its acquisition of substantially all of the optical networking and Carrier Ethernet assets of Nortel's+ Metro Ethernet Networks (MEN) business. The $773.8 million (USD) aggregate purchase price for the acquisition consists entirely of cash. Philippe Morin, previously president of Nortel MEN, has been appointed Ciena's Senior Vice President, Global Products Group.

"The acquisition of these assets accelerates Ciena's overall strategy and gives us stronger operating leverage to continue investing in innovation that will allow us to deliver on our vision for next-generation networks," said Gary Smith, Ciena's president and CEO. "With broader geographic reach, deeper customer relationships and a stronger portfolio of solutions, we're confident that this acquisition positions Ciena for faster growth."