MURRAY HILL, N.J.-Lucent Technologies’ Microelectronics Group announced it agreed to acquire Ortel Corp. of Alhambra, Calif., for approximately $2.95 billion in stock.
Under terms of the agreement, each share of Ortel will be converted into 3.135 shares of Lucent stock. The total value of the acquisition is based on Lucent’s closing stock price of $57 on Feb. 4, or $177.125 per Ortel share, said Lucent.
Ortel manufactures lasers that help increase the bandwidth of existing cable networks.
The transaction should be completed during the second quarter, Lucent said.
