MARTINSRIED/MUNICH, Germany and MAHWAH, N.J., Sept. 17 -- ADVA Optical Networking, a Germany-based provider of metropolitan optical networking solutions, announced today it has completed the acquisition of its remaining 70 percent ownership stake in Metro Packet Systems Inc., a Wilmington, Del., Ethernet start-up company. The total number of newly issued nonbearer shares for the acquisition was 872,093.
"Metro Packet Systems possesses extensive knowledge and expertise in the area of carrier-class Ethernet technology, particularly systems targeted at metropolitan access networks and customer premise sites," Adva said in a statement. "Metro Packet Systems played an important role in the development of ADVA's Fiber Service Platform (FSP) 150 product lines, a new carrier-class native Ethernet access solution which was first launched in March 2004. This acquisition underscores ADVA's commitment to building up a second core business around Ethernet access solutions."
ADVA acquired the remaining seventy-percent stake for a total purchase price of approximately 4.1 million euros. The purchase price was paid in 872,093 shares of common stock in Adva via a capital increase and issued in exchange for all outstanding shares of Metro Packet Systems. The new total nominal capital amounts to 34,100,910 euros, which includes an additional capital increase in the amount of 43,466 euros from the exercise of employee option bonds. A further cash earn-out position of up to 4.5 million euros may be paid based on achievement of specific sales targets in 2005 for products developed by Metro Packet Systems.
For more information, visit: www.advaoptical.com