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CIENA Completes Akara Acquisition
Sep 2003
LINTHICUM, Md., Sept. 3 -- CIENA Corp. announced today it has completed its acquisition of Akara Corp., as announced August 21. In the transaction, CIENA acquired all outstanding shares of Akara in exchange for $31 million in cash and approximately 2.3 million shares of Ciena common stock. The price paid in the transaction was approximately $46.2 million, based on the closing price of CIENA’s common stock on August 29.

Akara, a developer of SONET/SDH-based extended storage area networking, or storage-over-distance, technology, will continue operations from its Ottawa, Ontario facility.

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