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Article: Linthicum, Md.-Based Ciena Corp. to Buy Massachusetts Telecom Firm.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 10, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Stacey Hirsh, The Baltimore Sun Knight Ridder/Tribune Business News
Apr. 10--Ciena Corp., the Linthicum maker of fiber-optic equipment, said yesterday that it agreed to buy a Massachusetts telecommunications company in a stock deal valued at $158 million.
Ciena will buy all of privately held WaveSmith Networks stock for 36 million shares of Ciena common stock. The $158 million value of those shares does not include the return of money Ciena invested in WaveSmith as part of a third round of financing of $30 million in October.
With the telecommunications sector in turmoil, Ciena is looking to regain profitability through investments in ...