After closing the acquisition of Coriant this week, Infinera will become one of the largest global suppliers of open network solutions for the largest global network operators. 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 expected to significantly increase revenue for Infinera while expanding 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, CEO of Infinera. “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, over 1,600 patents and more than 600 customers globally to Infinera. Integration planning for the combined company would be on schedule.
“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.”