DragonWave announced the closing of the acquisition of Nokia Siemens Networks’ microwave transport business including its associated operational support system (OSS) and related support functions.
Nokia Siemens Networks retains responsibility for its existing solution sales and associated services for microwave transport, while DragonWave is responsible for the microwave transport product line, including R&D, product management and operations functions. As previously announced in May, Nokia Siemens Networks will continue to provide R&D and other support to the business through a services arrangement.
As part of the acquisition, DragonWave is now the preferred strategic supplier of packet microwave and related products to Nokia Siemens Networks and the two companies will jointly coordinate technology development activities. DragonWave plans to rebrand the products acquired from Nokia Siemens Networks as “Harmony” products. Under the terms of the Master Acquisition Agreement, DragonWave will continue the support and development of these products, which will also be sold via Nokia Siemens Networks under the FlexiPacket brand through its existing channels as part of its end-to-end mobile broadband solution set.
Concurrently with the closing of the acquisition, DragonWave has also established a new credit facility with Comerica Bank and Export Development Canada. The credit facility is available to finance the completion of the acquisition and DragonWave's working capital requirements.