ADVA Optical Networking agreed to acquire the remaining 70% ownership stake in privately-held Metro Packet Systems that it doesn’t already own for EUR 4.1 million in stock and up to EUR 4.5 million in cash if certain 2005 sales targets are met.
ADVA said the acquisition underscores its commitment to building up a second core business around Ethernet access solutions. ADVA initially purchased a thirty percent (30%) stake in Metro Packet Systems in September 2003. Metro Packet Systems has a team of nine engineers focused on systems targeted at metropolitan access networks and customer premise sites. Lars Ramfelt, Chief Executive Officer of Metro Packet Systems, will become a Vice President Technology Strategy at ADVA. http://www.advaoptical.com
