[November 23, 2009] Ciena Buying Nortel Assets For $769 Million (CIEN) Tweet Nov 23, 2009 (SmarTrend(R) News Watch via COMTEX) -- 11/23/2009 - Ciena Corp. (NASDAQ:CIEN) announced it has been selected as the successful bidder in the auction for optical networking and carrier Ethernet assets of Nortel's Metro Ethernet Networks business. The company will pay $530 million in cash and issue $239 million in aggregate principal amount of 6% Senior Convertible notes due 2017 for the assets. CEO and president Gary Smith said, "These optical and carrier Ethernet assets bring exceptional technologies, talent and scale that will accelerate Ciena's current strategy to deliver innovative network solutions to customers worldwide. With this combination, we are bringing together complementary technologies in switching and transport to create an innovative powerhouse with the scale to challenge the industry status quo and offer customers a practical path for transitioning to automated, optical Ethernet-based networking. We will be intently focused on integration as we work together to deliver the benefits of this transaction to customers, employees and shareholders." Write to Chip Brian at [email protected] --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.TradeTheTrend.com. Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.TradeTheTrend.com/signup.html [ Back To TMCnet.com's Homepage ]