ADTRAN Holdings Announces Closing of Business Combination with ADVA
Via Adtran Investor News & Events
Jul 15, 2022
HUNTSVILLE, Ala.-- ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) (“ADTRAN Holdings” or the “Company”) today announced the closing of its business combination with ADVA Optical Networking SE (FSE: ADV) (“ADVA”). The companies received all necessary regulatory approvals and shareholder consent, making closure possible. ADTRAN Holdings is now the parent company of ADTRAN, Inc. (“ADTRAN”) through the merger of ADTRAN with and into a wholly-owned subsidiary of ADTRAN Holdings. Additionally, tendered ADVA shares were exchanged for shares of ADTRAN Holdings today, making ADTRAN Holdings the majority shareholder of ADVA.
Tom Stanton, Chairman and CEO of ADTRAN Holdings said, “This is an exciting day for both companies. With closing now behind us, we can focus on the final steps that will allow us to fully integrate these companies, creating a driving force within the industry. We believe that the combination of our exceptional talent, industry-leading solution portfolios, and vision for innovation, positions us as a global trusted leader for service provider, government, and enterprise customers and will provide a firm foundation for our success moving forward.”
As already announced, the Company intends to enter into either a domination agreement or a domination and profit and loss transfer agreement to further drive integration, which will be a further step in making the Company a global leader in end-to-end fiber networking. With an addressable market of $13.7 billion the combined company will offer an unparalleled product portfolio ranging from in-home connectivity and business access solutions to optical core transport.
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