Nov 23 · 2:26:00 PM · Source: Company News

Ciena Corp., a fiber-optic gear maker for phone companies, won an auction for Nortel Networks Corp.’s optical-networking business, topping a bid from Nokia Siemens Networks by raising its offer to $769 million. Ciena will pay $530 million in cash and issue $239 million of convertible notes, according to a statement from the company today. It expects to close the deal in the first quarter.

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by Larry Etter