Ciena Obtains Approval to Acquire Optical Networking and Carrier Ethernet Assets from Nortel

Ciena Corporation (NASDAQ: CIEN), the network specialist, today announced that it has received regulatory clearances regarding its proposed acquisition of substantially all of Nortel’s optical networking and carrier Ethernet assets.

In the United States, Ciena was granted early termination of the antitrust waiting period under the Hart-Scott-Rodino Act. In addition, Ciena also has received from the Canadian Competition Bureau a no action letter, terminating the applicable waiting period for the proposed transaction under the Competition Act.

As a result of Nortel’s restructuring process, the proposed transaction remains subject to a competitive bidding process.

The proposed transaction also requires the approval of the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice and is subject to additional regional regulatory clearances as well as to customary closing conditions.

Source: http://www.ciena.com/