Optical network equipment acquisition closes

The closing was pursuant to the terms of the definitive unit purchase agreement previously announced by Infinera on July 23rd, 2018. In connection with the purchase of Coriant, Infinera issued 20,975,384 shares of its common stock and will pay an aggregate amount of cash consideration consisting of approximately $230m, of which approximately $154m was paid upon closing.

The acquisition is expected to significantly increase revenue while expanding Infinera’s customer base to serve nine of the top ten global network operators and the top six global internet content providers. The combination positions Infinera to deliver a powerful suite of innovative, end-to-end packet optical network solutions for communications service providers and internet content providers.

Tom Fallon, Infinera CEO, stated: “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. The acquisition immediately strengthens our ability to serve a global customer base and accelerates delivery of the innovative solutions our customers demand.”

Cayetano Carbajo Martín, Telefónica Chief Technology Officer, added: “Coriant already delivers strong technical value across our network, and we expect a stronger Infinera that will enhance and satisfy the transport needs of the customers. With the combined products and solutions from both companies, we look forward to more innovation from Infinera both for packet data and transmission.”

Infinera’s acquisition of Coriant adds approximately 2,100 employees, over 1,600 patents and more than 600 customers globally to Infinera. Integration planning for the combined company is on schedule.