|[March 29, 2012]
MRV Announces Closing of Sale of CES Creative Electronic Systems SA
CHATSWORTH, Calif. --(Business Wire)--
MRV Communications (News - Alert), Inc. (OTCQB: MRVC) ("MRV" or the "Company"), a
leading provider of optical communications network infrastructure
equipment and integration and managed services, today announced that
effective today it has closed the previously announced sale of CES (News - Alert)
Creative Electronic Systems SA ("CES") through a definitive agreement
with a consortium of European private equity firms led by Vinci Capital
SA. Headwaters MB was the exclusive financial advisor to MRV for the
transaction. The purchase price payable on closing was $28.4 million
with $2.8 million of the proceeds going into an indemnification escrow
account to be released in one year.
Barry Gorsun, Chief Executive Officer of MRV Communications noted, "This
sale will allow us to focus on our core business units including OCS,
Tecnonet, Alcadon, and Interdata, and we are steadfast in our efforts to
drive shareholder value and enhance productivity."
MRV reains a leading provider of network infrastructure equipment and
network management products, as well as network integration and managed
services. These products include MRV's renowned Fiber Driver™ optical
multi-service platform, the LambdaDriver™ WDM system, the Media Cross
Connect™ physical layered switches and the OptiSwitch® platform. MRV
also offers services for high speed carrier and enterprise networks.
Gorsun concluded, "We expect cash proceeds of approximately $24.5
million upon closing net of the escrowed funds and other closing costs.
Proceeds from this sale increase the cash available for return to our
stockholders and we will continue to pursue opportunities that benefit
both MRV and our stockholders."
About MRV Communications, Inc.
MRV Communications, Inc. is a leading global provider of carrier
Ethernet, wavelength division multiplexing optical transport,
infrastructure management equipment and solutions, as well as network
integration and managed services. MRV's solutions enable the delivery
and provisioning of next-generation optical transport and carrier
Ethernet services over any fiber infrastructure. MRV provides equipment
and services worldwide to telecommunications service providers,
enterprises, and governments, enabling network evolution and increasing
efficiency, while reducing complexity and costs. Through its
subsidiaries, MRV operates research and development centers in North
America and Europe, along with support centers and sales offices around
the world. For more information about MRV, visit http://www.mrv.com.
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