OXFORDSHIRE, England, Oct. 9 -- Bookham Technology, a provider of integrated optical components and subsystems for fiber optic communication networks, announced it has entered into an agreement to acquire the Optical Transmitter and Receiver and Optical Amplifier Businesses of Nortel Networks Corp.
Under the terms of the agreement, Nortel Networks will sell the transmitter and receiver business located in Paignton, England; Ottawa, Canada; and Harlow, England; and the pump laser and amplifiers business located in Paignton; Zurich; and Poughkeepsie, N.Y. The assets include patents, other intellectual property and trademarks. The transaction also includes a 3-year supply agreement for minimum purchases of approximately $120 million for the first 18 months.
"Approximately 1,000 employees will have the opportunity to continue their employment with Bookham Technology after redundancies are addressed and existing customer contracts will be assumed by Bookham Technology," the company said. The transaction is expected to close in the fourth quarter of 2002.
The completion of the transaction is also subject to customary regulatory approvals and a vote by the shareholders of Bookham Technology, who will meet in November.
For more information, visit Bookham Technology at: www.bookham.com or Nortel Networks at: www.nortelnetworks.com