Acquisitive Nokia Siemens Networks has been pipped to the post again in the latest Nortel rummage sale after a marathon three day auction for its optical networking and carrier Ethernet business.
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The business was set to be acquired by Ciena for $521m in a now familiar stalking horse agreement. The auction was set for Friday and it is thought that Ciena upped its bid over the weekend to $769m.
Neither Nortel nor Ciena have yet made a public statement on the sale of the unit, however the Finnish-German JV broke cover on Monday morning, saying: "It did not submit the highest bid for Nortel's optical networking and carrier Ethernet assets in the bankruptcy court-sanctioned auction that began on Friday morning and extended through the weekend."
"Nokia Siemens Networks believes that its final offer represented fair value for the assets, and further bidding could not be financially justified," the firm added.
The vendor went in for Nortel's CDMA and LTE access business during the summer, but under the terms of the stalking horse agreement it signed with Nortel, lost out to Swedish rival Ericsson.