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Ciena sets $1B deals
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March 15, 1999: 8:10 a.m. ET
Telecom equipment maker to buy Omnia, Lightera in two stock deals
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NEW YORK (CNNfn) - Ciena Corp., a maker of equipment for fiber-optic networks, said Monday it agreed to buy two closely held makers of telecommunications gear - Lightera Networks and Omnia Communications - for about $980 million in stock.
Ciena (CIEN), based in Maryland, said it would acquire all of Lightera in exchange for about 20.6 million Ciena common shares, or about $552 million based on Friday's closing prices, and all of Omnia for 16 million shares, or $429 million.
The deals, the latest in the telecom equipment market, are meant to help Ciena establish itself as a leading provider of equipment for the fiber-optic networks that local and long-distance phone companies are using to carry voice, video and data traffic.
Lightera, based in Cupertino, Calif., makes switches that helps long-distance carriers expand and manage their fiber-optic networks. Omnia, based in Marlborough, Mass., makes gear that allows carriers to blend voice and data traffic on their fiber-optic lines.
Ciena stock fell 1-3/16 Friday to 26-13/16.
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Ciena Corp.
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