Infinera of Sunnyvale, California USA, a provider of intelligent transport networks, announced the closing of its acquisition of Coriant, a privately held global supplier of open network solutions. According to Infinera, the acquisition positions it as one of the largest vertically integrated optical network equipment suppliers in the world.
The closing was under the terms of the definitive unit purchase agreement that Infinera previously announced on July 23, 2018. Infinera issued 20,975,384 shares of its common stock in connection with the purchase and will pay an aggregate amount of cash payment totaling about $230 million, of which Infinera paid $154 million upon closing.
The company expects the acquisition to boost revenue and expand Infinera’s customer base. Infinera also says that acquisition will enable it to produce a suite of end-to-end packet optical network solutions for internet content providers and communications service providers.
“This is an exciting day for Infinera. The acquisition of Coriant is a major milestone, expanding the scope of our vertical integration strategy across a powerful suite of packet-optical solutions for our customers,” said Tom Fallon, Infinera CEO. “The acquisition immediately strengthens our ability to serve a global customer base and accelerates delivery of the innovative solutions our customers demand.”