Advanced Fibre Communications (NASDAQ:AFCI)
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Tellabs Closes AFC Merger
Combination Delivers Comprehensive Broadband Solutions to Carriers Worldwide
NAPERVILLE, Ill., Nov. 30 /PRNewswire-FirstCall/ -- Tellabs (NASDAQ:TLAB)
today closed its $1.5 billion merger with AFC (NASDAQ:AFCI), creating a leading
global supplier of access, transport and data solutions for telecom service
providers worldwide.
"The new Tellabs is a strategic telecom equipment supplier that will lead the
industry's shift to reliable broadband services around the world," said Krish
Prabhu, president and chief executive officer of Tellabs. "Together, Tellabs
and AFC can help carriers even more as they seek easier ways to provision new
voice, data and video services, to simplify their networks and to sharpen their
competitive edge."
The closing follows approval of the merger by AFC stockholders at a special
meeting of stockholders held earlier today. A simple majority of the total
shares outstanding was required to win approval. Under the terms of the
agreement between the two companies, AFC stockholders will receive 0.504 shares
of Tellabs common stock and $12.00 in cash for each AFC share of common stock.
Stockholders may access additional information at http://www.afc.com/ or
http://www.tellabs.com/ .
In conjunction with the closing, Tellabs announced three new members of its
executive team:
-- Carl DeWilde joins Tellabs as executive vice president-access products,
with global responsibility for developing access products in the
AFC portfolio. Most recently, DeWilde served as chief technology
officer and chief operating officer at Xtera, an optical networking
company. Previously, DeWilde served in senior leadership roles at
Fujitsu Network Communications, Alcatel Network Systems and Siemens
Communications Systems.
-- Jeff Rosen, formerly vice president of operations and customer service
at AFC, joins Tellabs as executive vice president-operations, with
global responsibility for Tellabs' supply chain and global information
systems. Rosen joined AFC in 2000, bringing more than 15 years of
manufacturing and supply chain experience from companies such as
Solectron; Booz, Allen & Hamilton; Raytheon and Teradyne.
-- Victoria Perrault, formerly vice president of administrative services
at AFC, joins Tellabs as executive vice president-human resources, with
global responsibility for Tellabs employees and facilities. Perrault
joined AFC in 1996 as director, human resources, and was promoted in
1999 to vice president, administrative services. Previously, she served
as director of human resources for the advanced products division at
Aegon USA.
About Tellabs
Tellabs delivers technology that transforms the way the world communicates(TM).
Tellabs experts design, develop, deploy and support wireless and wired-network
solutions. Our comprehensive broadband portfolio enables carriers in more than
100 countries to succeed in the new competitive environment. Tellabs is part of
the NASDAQ-100 Index. http://www.tellabs.com/ .
Forward-Looking Statements
Statements in this news release regarding the merger of Tellabs, Inc. and
Advanced Fibre Communications, Inc. which are not historical facts are
"forward-looking statements." Forward-looking statements are not guarantees of
future performance and involve risks, uncertainties and other factors that may
cause the combined company's actual performance or achievements expressed or
implied by those statements. The combined company's actual future results could
differ materially from those predicted in such forward-looking statements.
Investors and security holders are cautioned not to place undue reliance on
these forward-looking statements and any such forward-looking statements are
qualified in their entirety by reference to the following cautionary
statements.
Important factors upon which the forward-looking statements presented in this
release are premised include: (a) timely implementation and execution of merger
integration plans; (b) retention of customers and critical employees; (c)
economic changes impacting the telecommunications industry; (d) successfully
leveraging the combined company's comprehensive product offering to the
combined customer base; (e) the financial condition of telecommunications
service providers and equipment vendors, including any impact of bankruptcies;
(f) the impact of customer and vendor consolidation; (g) successfully
introducing new technologies and products ahead of competitors; (h) successful
management of any impact from slowing economic conditions or customer demand;
and (i) protection and access to intellectual property, patents and technology.
In addition, the ability of the combined company to achieve the expected
revenues, accretion and synergy savings also will be affected by the effects of
competition (in particular the response to the proposed transaction in the
marketplace), the effects of general economic and other factors beyond the
control of the combined company, and other risks and uncertainties described
from time to time in the combined company's public filings with the Securities
and Exchange Commission. Tellabs disclaims any intention or obligation to
update or revise any forward-looking statements.
The following trademarks and service marks are owned by Tellabs Operations,
Inc., or its affiliates in the United States and/or other countries.
TELLABS(R), Tellabs logo(R) and T Symbol(R), AFC(R), the AFC logo and
Technology that Transforms the Way the World Communicates(TM). Any other
company or product names may be trademarks of their respective companies.
DATASOURCE: Tellabs
CONTACT: Media, Ariana Nikitas, +1-630-798-2532,
, or Investors, Tom Scottino, +1-630-798-3602,
, both of Tellabs
Web site: http://www.afc.com/
http://www.tellabs.com/