Mergers & acquisitions

Ciena Completes Cyras Purchase

LINTHICUM, Md. -- CIENA Corporation (NASDAQ: CIEN), a global leader in intelligent optical networking systems and software, today announced it has completed its acquisition of privately-held Cyras Systems, Inc. Cyras, based in Fremont, Calif., is developing data-optimized optical switching systems for metropolitan area network applications. According to the agreement announced December 19, 2000, CIENA acquired all outstanding shares of Cyras in exchange for approximately 27 million shares of CIENA common stock. Based on the closing price of CIENA's common stock on Thursday, March 29, 2001, the transaction is valued at approximately $1.1 billion and will be accounted for as a purchase.

"We are very pleased to officially welcome the Cyras team into the CIENA family," said Patrick Nettles, CIENA chairman and CEO. "The addition of Cyras' K2 transport and switching platform to CIENA's industry-leading optical networking product portfolio enables CIENA to offer a unique next-generation product line and to greatly expand our metropolitan market opportunity."

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