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Tellium Inc. (Quote), an Oakland, Calif.-based comapny that specializes in optical networking technology, and Zhone Technologies Inc., a privately held Oceanport, N.J.-based company that developes next-generation access infrastructure services, yesterday announced that they have signed a definitive merger agreement.
Mory Ejabat, current chairman and CEO of Zhone, and formerly CEO of Ascend Communications, will become chairman and CEO of the combined company, which will operate under the name Zhone Technologies and will be traded on NASDAQ under the symbol ZHNE.
"This merger positions the combined company as a leading provider of access, metro and core optical solutions to the global telecommunications industry," said Ejabat. "Combining the two businesses enables us to provide a comprehensive solution for local, metro and long distance service providers as we see their needs converging. The merger will allow the combined company to realize substantial cost savings from reductions of operating expenses."
According to a statement released by Trellium and Zhone, the combined company has combined cash position of more $150 million as of June 30, 2003 and a customer base of more than 250 carriers on six continents. The combined company's product line will include products for access, metro and core network applications. The company also said that it bring current customers of Tellium and Zhone new access and transport offerings that provide a bridge between existing copper-based loops and fiber optics.
Under the terms of the agreement, the security holders of Zhone would receive 60 percent of the combined company's outstanding fully converted shares at closing and the security holders of Tellium would continue to hold the remaining 40 percent of the combined company's outstanding fully converted shares as of closing. Based on Tellium's current number of fully converted shares outstanding, Zhone would receive approximately 197 million newly issued shares, options and warrants to purchase shares of Tellium common stock as of closing.
The transaction is subject to the approval of each company's security holders, regulatory review as well as other customary closing conditions. The transaction is expected to close in the fall of 2003.
Tellium retained Morgan Stanley as its financial adviser. Zhone enlisted the assistance of Credit Suisse First Boston and Lehman Brothers to facilitate the transaction.
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