Ciena Pays $774M for Nortel’s Ethernet Business

The wait is over for Ciena which finally was able to close its mega-deal to acquire Nortel’s Metro Ethernet Networks operation.

EntepriseNetworkingPlanet has the details of the last major division of bankrupt Nortel to be sold off.

Networking vendor Ciena has now formally closed the deal to acquire the optical networking and carrier Ethernet technology of Nortel’s Metro Ethernet Networks (MEN) business for a total purchase price of approximately $774 million.

The deal’s closure marks the end of a nearly six-month process in which Ciena has been in the hunt for Nortel’s assets as it assumes a new position in the carrier networking industry.

Nortel entered into bankruptcy in January 2009, and has spent much of the past year selling off its various divisions. Ciena first bid on the Nortel carrier assets in October, and formally won the auction for the business at the end of November.

Ciena is now moving forward as a combined entity with Nortel’s MEN and aims to be a major player in the carrier marketplace.

Read the full story at EnterpriseNetworkingPlanet:

Ciena Closes Nortel Metro Ethernet Carrier Acquisition

News Around the Web