Business
ADTRAN Holdings Announces Closing of Business Combination with ADVA
HUNTSVILLE, Ala.--(BUSINESS WIRE)-- ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) (“ADTRAN Holdings” or the “Company”) today announced the closing of its
About this update from Adtran Holdings, Inc.
[{"type":"text","content":" HUNTSVILLE, Ala.--(BUSINESS WIRE)--\nADTRAN 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.\n\nTom 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.”\n\nAs 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.\n\nAbout ADTRAN Holdings, Inc.\n\nADTRAN Holdings, Inc. is the parent company of ADTRAN, a wholly owned subsidiary and a leading global provider of open, disaggregated networking and communications solutions. ADTRAN Holdings is also the largest shareholder of ADVA, a European telecommunications vendor that provides network equipment for data, storage, voice, and video services.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. You can generally identify forward-loo...