Infinera Completes Coriant Acquisition
Optical network firm Infinera has completed its acquisition of Coriant, a privately held supplier of open network solutions. The acquisition positions Infinera as one of the world's largest vertically integrated optical network equipment providers, adding approximately 2,100 employees, over 1,600 patents and more than 600 customers.
In connection with the purchase, Infinera issued 20,975,384 shares of its common stock and will pay a cash consideration of approximately $230 million, of which approximately $154 million was paid upon closing.
"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."
Initial feedback from existing Infinera and Coriant customers has been positive.
"Coriant already delivers strong technical value across our network, and we expect a stronger Infinera that will enhance and satisfy the transport needs of the customers," said Cayetano Carbajo Martín, Telefónica CTO. "With the combined products and solutions from both companies, we look forward to more innovation from Infinera both for packet data and transmission."
"GTT's clients expect industry-leading, differentiated network infrastructure solutions to ensure their networks are reliable and secure," said Paul Monteiro, SVP, operations and engineering at GTT. "We welcome Infinera's acquisition of Coriant which enables Infinera to provide a broader range of high-performance network infrastructure capabilities."
"The consolidation of both companies marks a significant milestone for the industry. As two industry pioneers, we believe strongly in their potential to deliver game-changing, innovative technology that will power the future of networks," said Buddy Bayer, chief network officer at Windstream.
"We are excited to see Infinera's acquisition of Coriant and anticipate that not only will we benefit from their combined innovation, but also their enhanced customer service as we invest in expanding our network footprint over the next five years," said Conrad Mallon, chief technical architect at SSE Enterprise Telecoms. "It will be interesting to see how the orchestration and software strategy of the combined organisations develops and how they contribute to the world of SDN and NFV."