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Sycamore Networks, Inc.
, today announced that it has signed a
definitive asset sale agreement to sell substantially all of the assets of its
Intelligent Bandwidth Management business to a subsidiary of Marlin Equity
Partners (“Marlin”) for $18.75 million, subject to certain adjustments and the
assumption by Marlin of certain liabilities. The closing of the asset sale,
which is subject to stockholder approval and other customary closing
conditions, is expected to occur no later than the first quarter of calendar
year 2013.
Under the terms of the definitive asset sale agreement, Marlin will acquire
substantially all of the assets of the Company's Intelligent Bandwidth
Management product and service business, all support operations, and the
Company's research and development center in Shanghai, China. Marlin has
agreed to make offers of employment to substantially all of the employees of
the Intelligent Bandwidth Management business as of the closing of the asset
sale. The Company's Intelligent Bandwidth Management product portfolio
includes optical networking and multiservice access products, which are widely
deployed in a global customer base that includes Tier 1 service providers,
government agencies, utility operators, and large financial enterprises. Upon
the closing of the asset sale, John Scully, vice president of worldwide sales
and support at the Company, will assume the role of president and chief
executive officer of the new Marlin entity.
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