- JDS Uniphase Receives Justice Department Clearance for SDL Merger
San Jose, Calif., Feb. 7 -- JDS Uniphase Corp. and SDL, Inc. announced that the US Department of Justice would permit the merger between the companies in light of JDS Uniphase's agreement to sell its Zurich subsidiary to Nortel Networks. The merger now remains subject only to the approval of JDS Uniphase and SDL stockholders, pursuant to stockholder meetings set for February 12, and the closing of the sale of the Zurich subsidiary to Nortel Networks. JDS Uniphase and SDL expect to close the merger shortly after obtaining the required stockholder approvals.
Nortel Networks will acquire JDS Uniphase's Zurich, Switzerland subsidiary for common stock valued at $2.5 billion, as well as up to an additional $500 million in common pending certain conditions regarding Nortel's stock price as of 2003. Following completion of the transaction the Zurich subsidiary will become a wholly owned subsidiary of Nortel Networks. The pending sale transaction does not include JDS Uniphase laser packaging operations in the United Kingdom.
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