Nortel Completes Acquisition of JDS Uniphase Subsidiary

BOSTON, Feb. 15 -- Nortel Networks Corp. has completed its acquisition of JDS Anaphase's Zurich, Switzerland-based subsidiary and related assets in Poughkeepsie, N.Y. The acquisition, which was originally announced on February 6, has resulted in Nortel Networks issuing about 65.7 million of its common shares to JDS Uniphase. Up to $500 million will be payable after December 31, 2003 in common shares of Nortel Networks to the extent it does not meet certain purchase commitments from JDS Uniphase by that date.
"This is a critical step in our effort to unleash the full potential of our high-performance optical component solutions business," said Clarence Chandran, COO of Nortel Networks. "This acquisition really strengthens Nortel Networks' leadership position in high-performance optical components and modules which are essential to delivering the all-optical Internet."