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UPDATE 1-Canada's Enablence to buy Israel's Teledata networks
April 15, 2010 / 11:56 AM / 8 years ago

UPDATE 1-Canada's Enablence to buy Israel's Teledata networks

* To pay upto $50 mln in cash, stock and notes

* Says deal to expand into global broadband market

April 15 (Reuters) - Canada’s Enablence Technologies Inc (ENA.V), which supplies optical components, agreed to buy Israel’s Teledata Networks Ltd for upto $50 million in cash and stock, to expand in the global broadband market.

Enablence will pay $10 million in cash and $30 million in shares on closing, it said in a statement.

The company said it will pay $10 million in secured interest-bearing promissory notes payable on the second anniversary of the closing of the transaction.

The deal is expected to close following the completion of the applicable statutory waiting periods in Israel.

Teledata Networks provides products and services to telecom companies for migrating to Next Generation networks.

Shares of Enablence closed at C$0.57 Wednesday on the Toronto Venture Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Gopakumar Warrier)

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