Ciena has acquired cash-strapped Nortel's global optical networking and carrier Ethernet businesses for $769 million.
Nortel, which had filed for bankruptcy in January this year, has already sold its Application delivery products (Radware), Wireless Network Business (LM Ericsson), and Enterprise Business Division (Avaya).
For Ciena, the acquisition will lead to it doubling its size and scope. Ciena is also expected to hire 2,000 of Nortel's workforce or nearly 85% of the employees in the businesses being sold.
Ciena saw off competition from Nokia Siemens Networks in an auction that began last Friday and lasted the weekend. Under the terms of the agreement, Ciena will pay $530 million in cash and to issue $239 million in senior convertible notes to Nortel.
