Ciena receives Investment Canada Act approval of proposed acquisition of Nortel’'s optical and carrier Ethernet assets

LINTHICUM, USA: Ciena Corp. has received regulatory approval under the Investment Canada Act in connection with Ciena’s acquisition of the optical networking and carrier Ethernet assets of Nortel’s Metro Ethernet Networks (MEN) business.

“Today’'s regulatory approval confirms that the Minister of Industry is satisfied that our acquisition will be of net benefit to Canada,” said Gary Smith, Ciena’s CEO and president.

“In addition to the positive benefits we expect for stockholders, employees, customers and suppliers, we have always believed that our transaction provided a substantial benefit to Canada and the Canadian marketplace and we are pleased with today’s important milestone.”

Ciena has now completed applicable regulatory reviews in the United States and Canada, and expects to close the transaction in the first quarter of calendar 2010.