Vecima Networks Inc. (VCM.TO) announced on Wednesday that it has signed an asset purchase agreement to buy the cable business assets of Casa Systems, Inc. and some of Casa's subsidiaries for $20 million.
To facilitate this sale, Casa and some of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code.
This transaction is contingent on Bankruptcy Court approval and other bids for the Cable Business assets at an auction managed through the Bankruptcy Court.
If Vecima's bid is successful, the transaction is predicted to close at the start of June 2024.
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