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  • Adva Optical Buying Movaz
Jun 2006
MUNICH, Germany, June 6, 2006 -- Adva Optical Networking announced it will acquire Movaz Networks Inc., an Atlanta, Ga.-based provider of wavelength division multiplexing (WDM) equipment, including its Ray portfolio of WDM transport and reconfigurable optical add-drop multiplexing (ROADM) products, for 6,526,529 shares of Adva common stock, to be issued via a capital increase, and approximately $6 million in cash. In addition, a cash earn-out component equivalent to 1 million Adva shares could become payable within twelve months of closing, under certain conditions.

Most of Movaz's work force of about 150 will be integrated into Adva's North American organization, and its Atlanta facilities will become an additional Adva distribution and engineering site.

Movaz, founded in 2000, has an installation base of nearly $150 million with approximately 100 customers comprised of telecommunications carriers, cable network providers, research and educational organizations and government agencies. The company uses a three-pronged distribution strategy that includes direct sales, a private label partnership agreement with Lucent and several resellers. Adva said it expects earnings per share accretion from mid-2007 onward, on a US GAAP basis.

"Movaz will provide a strong complement to Adva's Fiber Service Platform solution portfolio and will significantly enhance Adva's business traction in the Americas," Adva said in a statement.

The acquisition is subject to various standard closing conditions and is expected to close in July 2006. Half of the to-be-issued shares will be tradable immediately on issuance, and half will be tradeable six months thereafter.

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