Ciena’s Nortel buy gets government approvals
Ciena said it has received regulatory clearances to buy substantially all of Nortel’s optical networking and carrier Ethernet assets.
Bankrupt Nortel is auctioning its assets. Though Ciena has secured the regulatory approvals, it still has to win the bidding.
So far Ciena is the only company to make its bid for Nortel public, but there is widespread speculation that Nokia Siemens may make a bid, as a means of ensconcing itself in the North American market.
Bidding remains open until Monday.
Ciena said it was granted early termination of the U.S. antitrust waiting period under the Hart-Scott-Rodino Act. Meanwhile, the Canadian Competition Bureau sent a no-action letter, terminating the applicable waiting period for the proposed transaction under the Competition Act.
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.
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