Ciena Corp. (CIEN), a provider of communications networking equipment, software, and services, Tuesday announced the receipt of regulatory clearances regarding its proposed acquisition of substantially all of Nortel's (NT,NT.TO) optical networking and carrier Ethernet assets.
Ciena said that in the U.S., it was granted early termination of the antitrust waiting period under the Hart-Scott-Rodino Act. The company also received a no action letter from the Canadian Competition Bureau, terminating the applicable waiting period for the proposed transaction under the Competition Act.
As a result of Nortel's restructuring process, the proposed transaction remains subject to a competitive bidding process. The proposed transaction also requires the approval of the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice and is subject to additional regional regulatory clearances as well as to customary closing conditions, the company noted.
CIEN closed Monday's trading at $12.46, up $0.21, on a volume of 2.93 million shares.
On the TSX, NT.TO ended trading at C$0.185 on June 19.
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