Infinera has closed its acquisition of Coriant, pursuant to an agreement announced in July. In connection with the purchase of Coriant, Infinera issued 20,975,384 shares of its common stock and will pay an aggregate amount of cash consideration consisting of approximately $230 million, of which approximately $154 million was paid upon closing.
The acquisition is intended to expand Infinera's customer base to serve nine of the top 10 global network operators and the top six global Internet content providers.
"This is an exciting day for Infinera. The acquisition of Coriant is a major milestone, expanding the scope of our vertical integration strategy across a powerful suite of packet optical solutions for our customers," said Tom Fallon, Infinera CEO. "The acquisition immediately strengthens our ability to serve a global customer base and accelerates delivery of the innovative solutions our customers demand."
Infinera's acquisition of Coriant adds approximately 2,100 employees, more than 1,600 patents and more than 600 customers globally to Infinera. Integration planning for the combined company is on schedule.