Last-mile vendor Calix (NYSE:CALX) says it's completed the acquisition of Occam Networks, after Occam shareholders, who in January postponed a vote on approval because of court requirements that it reveal more about the deal to stockholders, approved the deal Tuesday.
Occam in September initially agreed to be acquired by the Pentaluma, Calif.-based company for $171 million, but a dissident stockholder group that owned about 20 percent of Occam filed suit to block it what it called "a lousy deal."
The current deal is a mix of stock and cash, approximately $83.3 million in cash and approximately 6.4 million shares of Calix common stock. Certain outstanding options were entitled to receive an aggregate of approximately $10.8 million in cash, and Calix assumed certain options to purchase an aggregate of approximately 636,000 shares of Calix common stock and assumed certain restricted stock units for an aggregate of approximately 65,000 shares of Calix common stock.
"The combination of Occam and Calix can be summed up in one word: Acceleration," said Carl Russo, president and chief executive officer of Calix. "By combining Occam Networks' expertise in IP and Ethernet, Calix's strength in fiber access, and both companies' experience in copper access, we believe this merger will accelerate our pace of innovation within the now expanded Calix Unified Access portfolio."
The combined organization will have more than 900 customers globally, including 72 percent of the U.S. local exchange carriers, market leadership in North American fiber access optical line terminal revenues and over 600 fiber access customers and 400 commercial video customers.
Calix also today said Robert Finzi, a board of directors member and managing partner of Sprout Group, has resigned. He's being replaced by Thomas Pardun, a former non-employee member of Occam's board of directors.
- see this release
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