Ciena jumps Canadian regulatory hurdle as Nortel MEN acquisition closing nears

DECEMBER 31, 2009 -- Ciena Corp. has received regulatory approval under the Investment Canada Act in connection with Ciena’s acquisition of the optical networking and carrier Ethernet assets of Nortel’s Metro Ethernet Networks (MEN) business.

DECEMBER 31, 2009 -- Ciena Corp. has received regulatory approval under the Investment Canada Act in connection with Ciena’s acquisition of the optical networking and carrier Ethernet assets of Nortel’s Metro Ethernet Networks (MEN) business. (See "Ciena wins Nortel MEN auction" and "Ciena overcomes NSN protest to win Nortel MEN court approval.")

"I have approved the application by Ciena under the Investment Canada Act to acquire Nortel's MEN division because I am satisfied that the investment is likely to be of net benefit to Canada,” said the Honourable Tony Clement, Minister of Industry within the Canadian Government. "Ciena's investment will ensure the continued operation and substantial research and development (R&D) presence of the optical and Carrier Ethernet portions of Nortel's MEN business. Ciena has committed to make Canada a focal center for its global R&D operations and to maintain significant technology investment and principal R&D functions in Canada.

"Ciena has also committed to continue to invest in R&D and to maintain a significant proportion of the current employee population in Canada. In short, this investment will maintain jobs, R&D activity and corporate leadership in Canada,” Minister Clement added.

Ciena has now completed the applicable regulatory reviews in the United States and Canada of the MEN acquisition, and expects to close the transaction in the first quarter of calendar 2010.

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