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Infinera Closes Acquisition of Coriant and Becomes One of the World's Largest Optical Network Equipment ProvidersSUNNYVALE, Calif. , Oct. 01, 2018 (GLOBE NEWSWIRE) -- Infinera, provider of Intelligent Transport Networks, announces the closing of its acquisition of Coriant, a privately held global supplier of open network solutions for the largest global network operators. The acquisition positions Infinera as one of the largest vertically integrated optical network equipment providers in the world. The closing was pursuant to the terms of the definitive unit purchase agreement previously announced by Infinera on July 23, 2018. In connection with the purchase of Coriant, Infinera issued 20,975,384 shares of its common stock and will pay an aggregate amount of cash consideration consisting of approximately $230 million, of which approximately $154 million was paid upon closing. The acquisition is expected to significantly increase revenue while expanding Infinera’s customer base to serve nine of the top 10 global network operators and the top six global internet content providers. The combination positions Infinera to deliver a powerful suite of innovative, end-to-end packet optical network solutions for communications service providers and internet content providers. “This is an exciting day for Infinera. The acquisition of Coriant is a major milestone, expanding the scope of our vertical integration strategy across a powerful suite of packet optical solutions for our customers,” said Tom Fallon, Infinera CEO. “The acquisition immediately strengthens our ability to serve a global customer base and accelerates delivery of the innovative solutions our customers demand.” Initial feedback from existing Infinera and Coriant customers has been positive. Highlights include:
Infinera’s acquisition of Coriant adds approximately 2,100 employees, over 1,600 patents and more than 600 customers globally to Infinera. Integration planning for the combined company is on schedule. Additional Resource: Contacts: Media: Investors: About Infinera Infinera and the Infinera logo are registered trademarks of Infinera Corporation. This press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. Such forward-looking statements include, without limitation, Infinera’s ability to deliver a powerful suite of innovative, end-to-end packet optical network solutions; and Infinera’s expectations regarding the integration of the combined company. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual results may vary materially from these expectations as a result of various risks and uncertainties. These risks and uncertainties include, but are not limited to, the following: Infinera’s ability to achieve the synergies and value creation contemplated by the acquisition; the combined company’s ability to promptly and effectively integrate the businesses of Infinera and Coriant; the diversion of management time on issues related to the integration; changes in laws or regulations; the risks of customer and employee loss and business disruption; increased competitive pressures and solicitations of customers and employees by competitors; the difficulties and risks inherent with entering new markets; and changes in general economic conditions. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors contained in the risk factors section of Infinera’s most recent Quarterly Report on Form 10-Q, filed with the SEC on August 8, 2018, as well as in Infinera’s future Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and other filings that Infinera makes with the SEC. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
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