Cisco Seeks Court Order Enforcing Acacia Deal

By Colin Kellaher

Cisco Systems Corp. on Friday said it is asking a court to order Acacia Communications Inc. to proceed with its $2.6 billion acquisition by Cisco after Acacia said it was terminating the deal.

Networking giant Cisco said it is seeking confirmation from the Delaware Court of Chancery that it has met all conditions for closing the acquisition, including approval of China's State Administration for Market Regulation.

Acacia earlier Friday said it was terminating the deal, claiming that Cisco hadn't received timely approval from the Chinese regulator.

Cisco, however, said it was notified Thursday that the agency had determined that its submission is "sufficient to address the relevant competition concerns."

San Jose-based Cisco last year agreed to pay $70 a share for Acacia a Maynard, Mass.-based maker of optical interconnect technologies.

Shares of Acacia rose 9.3% to $79.30 in early trading Friday, while Cisco shares edged up less than 1%.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

January 08, 2021 09:58 ET (14:58 GMT)

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