Ciena officially buys Nortel's optical networking, carrier Ethernet business

TORONTO – Insolvent Nortel Networks has confirmed that it will sell its global optical networking and carrier Ethernet businesses to Ciena Corp. for US$530 million in cash plus US$239 million principal amount of convertible notes.If approved by the courts, Ciena's purchase will include substantially all product platforms, patents and intellectual property that are predominantly used in the businesses, and provides for the transition of Nortel's customer contracts, the announcement details.A minimum of 2,000 Nortel employees, or more than 85% of the division’s employee base, will receive job offers from Ciena.The sale is subject to court approvals in the U.S. and Canada,...