Sycamore Networks closes USD18.75m sale of bandwidth management unit.
M2 EQUITYBITES-February 1, 2013-Sycamore Networks closes USD18.75m sale of bandwidth management unit(C)2013 M2 COMMUNICATIONS http://www.m2.com
1 February 2013 - US telecommunications equipment maker Sycamore Networks Inc (NASDAQ: SCMR) said today it had wrapped up the sale of its intelligent bandwidth management unit to private investment firm Marlin Equity Partners LLC for USD18.75m (EUR13.7m) in cash.
The deal, which was announced in October 2012, received approval from the vendor's shareholders, which was the last hurdle to its completion.
The divested operations make optical networking and multiservice access products that are used by service providers, government agencies, utility operators and large financial enterprises. The transaction includes the unit's product and service business, all support operations and a research and development centre in Shanghai, China.
At their special meeting on 29 January, Sycamore's stockholders also backed a plan to dissolve the company. The US firm previously said that the decision on its liquidation was taken after a careful review of its strategic options. According to it, the move would be in the best interests of stockholders, customers and employees.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 1, 2013|
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