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AUGUST 04, 2008 -- LG-Nortel (search for LG-Nortel) says it has closed the acquisition of Novera Optics Inc. (search for Novera), a developer of fiber-optic access technology known most prominently for its work in WDM PON. LG-Nortel is a joint venture of LG Electronics (search for LG Electronics) and Nortel (search for Nortel).
The acquisition costs, including employee retention and transaction costs, were approximately $16 million in cash, plus up to an additional $10 million to Novera security holders based on achievement of future business milestones over the next 18 months.
Novera has supplied its WDM PON technology to KT Corp. (nee Korea Telecom). ADC's PONy Express WDM PON offering is also based on Novera's technology (search for ADC).
"Novera's goal has always been to develop technologies that make it easier for carriers to deliver Ethernet-class FTTx services to their customers," said John Barton, president and chief executive officer of Novera. "Our technology is a natural complement to Nortel's and LG-Nortel's Carrier Ethernet solutions. Nortel's strong technology base and extensive distribution channels will ensure that service providers around the world can use our WDM-PON technology to more easily deliver high-speed FTTx services to their own customers."
"We are always looking for new ways to help our carrier customers deliver innovative new services to customers," said Jae Ryung Lee, chief executive officer of LG-Nortel. "Novera's technology will be indispensable for our carrier customers because it will simplify delivery of carrier-class Ethernet FTTx services to their own customers."
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