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Nortel Networks sells optical components assets to Bookham

Posted: 09 Oct 2002 ?? ?Print Version ?Bookmark and Share

Keywords:transmitters? receivers? pump lasers? amplifiers?

Nortel Networks Corp. has agreed to sell certain assets relating to its optical components business, to Bookham Technology.

Under the terms of the agreement, Nortel will sell the transmitter and receiver business located in Harlow and Paignton in the U.K. and Ottawa, Canada, and the pump laser and amplifiers business located in Paignton in the U.K.; Zurich, Switzerland, and in New York. The assets include patents, other IPs and trademarks.

For the acquisition, Nortel will be paid in terms of 61 million common shares of Bookham, nine million warrants with a strike price of one-third pence and debt of $50 million. Bookham will also pay Nortel Networks a $10 million cash reimbursement for certain restructuring expenses incurred in connection with this transaction. The transaction is expected to close in the fourth quarter of 2002.

"This transaction is an important step in our path to profitability and our strategy to focus on the delivery of high performance, cost-effective optical network solutions for our customers," said Brian McFadden, president, Optical Networks, Nortel Networks.

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