CORNING, N.Y., Sept. 15 -- Scimitar Capital Partners (SCP) announced today it has purchased Corning Inc.'s subsidiary, CIV LLC, which holds Corning's venture capital portfolio. The transaction was completed last week. Terms were not disclosed, but Corning said it will retain a small interest in CIV's portfolio. The advisor on the transaction was The Camelot Group.
CIV will maintain offices in Corning, N.Y., and Greg Smith will continue to be president. SCP has offices in New York; Geneva, Switzerland; and Middle East and North Africa regions.
"CIV is delighted to become a part of Scimitar Partners and have access to global backing and investments in emerging markets and private equity ventures," Smith said. "At CIV, working with Scimitar, we will maintain our focus on researching and investing in next-generation telecommunications and technology opportunities."
For more information, visit: www.corning.com