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Tellabs Closes AFC Merger
Tellabs closes its $1.5 billion merger with AFC
November 30, 2004
2 Min Read
NAPERVILLE, Ill. -- Tellabs (Nasdaq: TLAB) today closed its $1.5 billion merger with AFC (Nasdaq: AFCI), creating a leading global supplier of access, transport and data solutions for telecom service providers worldwide.
"The new Tellabs is a strategic telecom equipment supplier that will lead the industry's shift to reliable broadband services around the world," said Krish Prabhu, president and chief executive officer of Tellabs. "Together, Tellabs and AFC can help carriers even more as they seek easier ways to provision new voice, data and video services, to simplify their networks and to sharpen their competitive edge."
The closing follows approval of the merger by AFC stockholders at a special meeting of stockholders held earlier today. A simple majority of the total shares outstanding was required to win approval. Under the terms of the agreement between the two companies, AFC stockholders will receive 0.504 shares of Tellabs common stock and $12.00 in cash for each AFC share of common stock. Stockholders may access additional information at http://www.afc.com or http://www.tellabs.com.
In conjunction with the closing, Tellabs announced three new members of its executive team:
Carl DeWilde joins Tellabs as executive vice president-access products, with global responsibility for developing access products in the AFC portfolio. Most recently, DeWilde served as chief technology officer and chief operating officer at Xtera, an optical networking company. Previously, DeWilde served in senior leadership roles at Fujitsu Network Communications, Alcatel Network Systems and Siemens Communications Systems.
Jeff Rosen, formerly vice president of operations and customer service at AFC, joins Tellabs as executive vice president-operations, with global responsibility for Tellabs' supply chain and global information systems. Rosen joined AFC in 2000, bringing more than 15 years of manufacturing and supply chain experience from companies such as Solectron; Booz, Allen & Hamilton; Raytheon and Teradyne.
Victoria Perrault, formerly vice president of administrative services at AFC, joins Tellabs as executive vice president-human resources, with global responsibility for Tellabs employees and facilities. Perrault joined AFC in 1996 as director, human resources, and was promoted in 1999 to vice president, administrative services. Previously, she served as director of human resources for the advanced products division at Aegon USA.
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