Ciena Makes Bid For Nortel Unit

Ciena, a maker of fiber-optic-network equipment, offered to buy Nortel Networks' optical networking business for about $521 million in an effort to expand internationally. The price includes $390 million in cash and 10 million shares of Ciena common stock, the companies said Wednesday. Revenue generated by the assets topped $550 million in the first half, Ciena said. Ciena, which gets about two-thirds of its revenue from the United States, made the bid in hopes of adding to its fiber-optic network products, broadening its customer base in Europe and Asia, and adding Nortel customers like Spain's Telefonica. Nortel's optical business operates in more than 65 countries, providing high-speed data networks across cities.