Canada Approves Nortel Deal

The Canadian Ministry of Industry has signed off on Ciena Corporation's acquisition of Nortel's Metro Ethernet Networks business.Nortel is undergoing a major restructuring.The Toronto telecom firm has been shedding a number of businesses,selling assets to Hitachi,Avaya and GENBAND.Nortel's business spans more than 150 countries,bringing in 2008 revenue of more than 10 billion dollars U.S.It is currently in bankruptcy proceedings.Nortel shares are traded on the OTC pink sheets.
Ciena had already obtained U.S. approval of the deal.Ciena CEO Gary Smith said they have always believed that the transaction provided a substantial benefit to Canada and the Canadian marketplace.The deal could roughly double Ciena's revenue and workforce over time.The company,headquartered in Linthicum,Maryland,employs around 2100 workers and posted revenue of 176.3 million dollars in its last fiscal quarter.It specializes in fiber optic technologies,communications networking equipment,software,services,processing systems and products.Ciena is listed on the NASDAQ exchange.

Nortel Saves Energy

Nortel Networks(NT) is focused on saving energy for its customers.Nortel products and services make it possible for customers to reduce their carbon footprint.Nortel data infrastructure enables customers to use 40-60% less energy.At the same time,the Canadian firm is reducing its own energy consumption.CEO Mike Zafirovski says Nortel's perspective is always to enhance shareholder value.Nortel's enterprise segment grew 14% last year,and the company is very bullish on its 2008 prospects.