Lucent Technologies to Purchase Ortel

Lucent Technologies of Murray Hill, N.J., has announced plans to acquire Ortel Corp. of Alhambra, Calif., in a deal that has an estimated value of $2.95 billion. Shareholders will receive 3.135 shares of Lucent stock for each share of Ortel. Lucent expects to complete the transaction, which will incorporate Ortel into the optoelectronics component division, during the quarter ending June 30.

The move follows a multimillion-dollar supply agreement under which Lucent was to purchase Ortel's 980-nm pump lasers for metropolitan-area optical networks.