UPDATE 3-Ciena to pay $769 mln for some Nortel assets -source

lunes 23 de noviembre de 2009 06:03 CET

* Ciena to buy Nortel optical networking, ethernet unit

* To pay $530 mln cash, $239 mln notes

* Rival bid by Nokia Siemens Networks came close (Updates story with Ciena auction win)

By Anupreeta Das

NEW YORK, Nov 22 (Reuters) - Ciena Corp CIEN.O will buy Nortel Networks Corp's optical networking and carrier ethernet business for $769 million after trumping Nokia Siemens Networks in a three-day auction, sources told Reuters on Sunday.

Last month, the U.S. network equipment maker announced it had made a stalking-horse offer for these assets of Nortel, the Canada-based telecommunications company that filed for bankruptcy in January and has been auctioning off assets.

The stalking-horse bid set a floor price, but Nortel was free to seek higher offers.

Ciena's winning offer consists of $530 million in cash and $239 million in convertible notes, one of the sources said, speaking on condition of anonymity since details of the auction have not been made public.

Ciena initially offered $390 million in cash and 10 million shares of Ciena stock, for a total deal value of $522 million, based on the Friday closing price of Ciena stock.   Continuación...