Nortel's MEN Auction Set for Nov. 13
With the proper court approvals completed yesterday, Nortel is set to auction off most of its Metro Ethernet Networks (MEN) division on Nov. 13.
The courts also set Nov. 9 as the deadline to file bids to compete with the $521 million that Ciena offered up. (See ITU: Ciena Bids $521M for Nortel's MEN, Smith: Why Ciena Wants to Reign Over MEN , and Ciena/Nortel: Oh Yes, There's Overlap.)
This wasn't a rubber stamp. According to the Canadian Press, judges weren't happy about a $16 million breakup fee, plus $5 million in expenses, that Ciena would get if it lost the bidding. It's not yet known whether the breakup fee got taken out of the deal.
The sale will come about 14 months after Nortel first tried to sell off the MEN business, back before the company had gone into restructuring and bankruptcy filings. (See Nortel to Sell Carrier Ethernet, Optical Biz and The Decline & Fall of Nortel Networks.)
We're all used to the drill by now: Assuming there are other bidders, they'll convene on Nov. 13 at 9:30 a.m. Eastern to fight it out. For the wireless and enterprise businesses, the process was long, and the going price nearly doubled by the time the auction finished. (See Ericsson Delivers Knockout Blow to NSN and Avaya's $900M Bid Wins Nortel Auction.)
— Craig Matsumoto, West Coast Editor, Light Reading
The courts also set Nov. 9 as the deadline to file bids to compete with the $521 million that Ciena offered up. (See ITU: Ciena Bids $521M for Nortel's MEN, Smith: Why Ciena Wants to Reign Over MEN , and Ciena/Nortel: Oh Yes, There's Overlap.)
This wasn't a rubber stamp. According to the Canadian Press, judges weren't happy about a $16 million breakup fee, plus $5 million in expenses, that Ciena would get if it lost the bidding. It's not yet known whether the breakup fee got taken out of the deal.
The sale will come about 14 months after Nortel first tried to sell off the MEN business, back before the company had gone into restructuring and bankruptcy filings. (See Nortel to Sell Carrier Ethernet, Optical Biz and The Decline & Fall of Nortel Networks.)
We're all used to the drill by now: Assuming there are other bidders, they'll convene on Nov. 13 at 9:30 a.m. Eastern to fight it out. For the wireless and enterprise businesses, the process was long, and the going price nearly doubled by the time the auction finished. (See Ericsson Delivers Knockout Blow to NSN and Avaya's $900M Bid Wins Nortel Auction.)
— Craig Matsumoto, West Coast Editor, Light Reading
EDUCATIONAL RESOURCES
FEATURED VIDEO
UPCOMING LIVE EVENTS
February 7-9, 2023, Virtual Event
February 15, 2023, Virtual Event
March 15-16, 2023, Embassy Suites, Denver, CO
March 21, 2023, Virtual Event
May 15-17, 2023, Austin, TX
December 6-7, 2023, New York City
UPCOMING WEBINARS
February 2, 2023
DIY Data Center Automation Deep Dive: Challenges and Opportunities for CSPs, Enterprises, and Cloud Providers
February 7, 2023
Optical Networking Digital Symposium - Day 1
February 9, 2023
Optical Networking Digital Symposium - Day 2
February 14, 2023
Achieve Your Growth Potential with Next-Gen Content Delivery
February 15, 2023
Digital Divide Digital Symposium
February 16, 2023
SCTE® LiveLearning for Professionals Webinar™ Series: Getting the Edge on Edge Computing
Webinar Archive
PARTNER PERSPECTIVES - content from our sponsors
How 5G Thrives ASEAN Digital Economy
By Huawei
Capitalizing On 5G Innovation To Deliver Breakthroughs At The Edge
By Kerry Doyle, sponsored by ZTE
All Partner Perspectives
GUEST PERSPECTIVES - curated contributions
Telco vs. Cable: Who comes out on top?
By Cheenu Seshadri, Managing Partner, Three Horizon Advisors
Don't worry about the government?
By Patrick Donegan, Principal Analyst, HardenStance
All Guest Perspectives