Ciena Corporation (NYSE:CIEN) entered into a definitive agreement to acquire TiBiT Communications, Inc. for $210 million on November 22, 2022. Under the terms of the agreement, Ciena will acquire the remaining shares of Tibit that it does not already own in a cash-free, debt-free transaction currently valued at approximately $210 million, with the merger consideration to be paid in cash. In addition, Ciena will enter into certain employee retention arrangements in connection with the transaction.

The Tibit transaction has been approved by the boards of directors of both companies as well as Tibit's shareholders. The transaction is expected to close during Ciena's fiscal first quarter 2023, subject to customary closing conditions. Jane Ross, Deborah Oh, William Christ and Stephanie Song of Hogan Lovells acted as legal advisor for Ciena Corporation.