Nortel completes sale of Ethernet business, shakes up management

TORONTO – Nortel Networks has completed the sale of its optical networking and carrier Ethernet businesses to Ciena Corporation.Ciena has elected, as permitted by the terms of the sale agreement, to replace the US$239 million principal amount of convertible notes with cash consideration of US$244 million, and thus pay an all cash purchase price of approximately US$774 million, subject to a working capital adjustment currently estimated as a downward adjustment of approximately US$62 million.With the sale of Nortel’s main businesses complete, chief restructuring officer, chief financial officer and executive vice president Pavi Binning has agreed to step down from his...