Investment firm Marlin Equity Partners has sealed the US$891m all-cash acquisition of US network equipment vendor Tellabs.
It made a US$2.45 per share tender offer at the start of November, which represented a 4.3% premium over the stock’s closing…
Investment firm Marlin Equity Partners has sealed the US$891m all-cash acquisition of US network equipment vendor Tellabs.
It made a US$2.45 per share tender offer at the start of November, which represented a 4.3% premium over the stock’s closing price the day prior to the deal announcement.
According to the vendor’s chairman, the board carried out a thorough review of Tellabs’ strategic alternatives. After more than 30 potential buyers, both strategic parties and financial sponsors, were contacted as part of a competitive bidding process, it decided to go with Marlin’s offer.
In a statement today, the private equity firm said it planned to invest in Tellabs to strengthen its competitive market position. The company’s share price has dropped more than 27% over the past year.
Goldman Sachs acted as financial adviser to Tellabs while Sidley Austin was its legal counsel.
Credit Suisse and Evercore were financial advisers to Marlin and Schulte Roth & Zabel acted as legal counsel.
Marlin lists its other telecom investments as Coriant (formerly the Optical Networks business of Nokia Siemens Networks), Coriant America (formerly Sycamore Networks Solutions), Openwave Mobility and Openwave Messaging.
Pat DiPietro, an operating partner at Marlin, commented: “The ever-increasing demand for data is driving fundamental network transformation and impacting multiple segments and applications, including mobile backhaul, metro/regional optical transport and enterprise LANs.”
