Telecommunications equipment maker Ciena won an auction to acquire a division of Nortel Networks that develops equipment for transmitting data and voice traffic for about $769 million in cash and stock.
Ciena outbid Nokia Siemens Networks, a joint venture between Nokia of Finland and Siemens of Germany. The auction, which started Friday, was part of Nortel's bankruptcy proceedings, and its goal was to sell Nortel's Metro Ethernet division.
Metro Ethernet is a technology that is used to provide communications companies with more capacity in what is called a backhaul network. This is a part of the network that … Read more