Brief: ADVA Optical Networking Settles Adtran’s Exchange Offer To ADVA Shareholders

Adtran Networks SE

15/07/2022 13:34

July 15 (Reuters) - ADVA OPTICAL NETWORKING SE  ADAG.DE :
    * SUCCESSFUL SETTLEMENT OF ADTRAN’S EXCHANGE OFFER TO ADVA
SHAREHOLDERS
    * ALL REGULATORY AND SHAREHOLDER REQUIREMENTS MET WITHIN 11
MONTHS
    * ADTRAN HOLDINGS, INC. IS NOW MAJORITY SHAREHOLDER OF ADVA
OPTICAL NETWORKING SE AND SOLE SHAREHOLDER OF ADTRAN, INC.
    * FOLLOWING TODAY'S CLOSING, ADTRAN HOLDINGS HOLDS A 65,43%
MAJORITY SHARE IN ADVA
    * (“ADVA”) AND ADTRAN HOLDINGS, INC. (“ADTRAN HOLDINGS”,
WHICH
PREVIOUSLY OPERATED AS ACORN HOLDCO, INC.) TODAY ANNOUNCED THE
SUCCESSFUL CLOSING OF ADTRAN HOLDINGS’ EXCHANGE OFFER TO
SHAREHOLDERS OF ADVA. IN ADDITION, ADTRAN, INC. HAS BECOME A
DIRECT SUBSIDIARY OF ADTRAN HOLDINGS THROUGH A MERGER
    * WITH A TOTAL ADDRESSABLE MARKET OF USD 13.7 BILLION AND A
JOINT
ANNUAL RESEARCH AND DEVELOPMENT BUDGET OF APPROXIMATELY USD 240
MILLION, COMBINED COMPANY HAS ENORMOUS REVENUE POTENTIAL AND
INTENDS TO CAPITALIZE ON GLOBAL INVESTMENT OPPORTUNITIES AROUND
FIBER BUILDOUTS
    * STARTING TODAY, ADTRAN HOLDINGS' SHARES WILL COMMENCE
TRADING ON
NASDAQ AS WELL AS ON FRANKFURT STOCK EXCHANGE

Source text for Eikon:  ID:nBw4tr1V7a 
Further company coverage:  ADAG.DE 

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