Ciena Corporation staved off a last minute challenge by Nokia Siemens Networks and paid $769 million for the assets of Nortel Networks' Optical Networking and Carrier Ethernet businesses.
Ciena, which last month had bid $521 million for the unit, had to up its bid in a three-day auction held over the weekend. Nokia Siemens Network had bid on two other Nortel units and also dropped out after being outbid. Nortel, once Canada's biggest company by market valuation, has been in bankruptcy proceedings since January and has been selling off its units one-by-one ever since. Still on the auction block is Nortel's GSM-R technology unit.
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Source: Information Week
Nov 23, 2009, 06:08 PM
