Home > Business & Strategy > Nortel Pushes Back Auction of Optical Networking and Carrier Ethernet Business

Nortel Pushes Back Auction of Optical Networking and Carrier Ethernet Business

November 21, 2009 Leave a comment Go to comments

Networks Corp. has announced that it has decided to push back the auction of its Optical Networking and Carrier Ethernet businesses to Nov. 17. The auction was originally scheduled for Nov. 13, so the delay gives qualified bidders a few more days to submit offers.
Further updates regarding the auction process and the sale of these businesses are expected from Nortel over the next week. A company spokesman told TMCnet that Nortel could not comment on why the auction was pushed back.

 
Last week stalking horse bidder Ciena announced that it had received regulatory clearances regarding its proposed acquisition of substantially all of Nortel’s optical networking and carrier Ethernet assets. In the United States, Ciena reported that it 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.
 
In October, TMCnet reported that the United States and Canadian courts had approved the $521 stalking horse bid by Ciena for Nortel’s business assets, and at that time set the bid deadline of Nov. 9 and an auction date of Nov. 13.
 
Last month Tom Mock, Ciena’s senior vice president of strategic planning, told TMCnet that with optical networking technology like Nortel’s, operators can provide advanced video, voice and other services to end users. In doing so, Ciena would boost its presence in the marketplace among its target market, which includes large enterprises with their own private voice and data networks, as well as large operators.
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