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NEC TO BUY UNDERSEA CABLE FIRM OCC FROM INVESTMENT FUND.
TOKYO, July 1 Asia Pulse - NEC Corp. (TSE:6701), in cooperation with Sumitomo Electric Industries Ltd. (TSE:5802), will acquire undersea cable manufacturer OCC Corp. in July to secure a stable supply of optical cables amid growing demand, The Nikkei learned Monday.
NEC will buy 75 per cent of OCC shares, and Sumitomo Electric the remaining 25 per cent, from independent private-equity firm Longreach Group. Their combined acquisition cost is estimated at 8-9 billion yen (US$75-85 million).
OCC holds roughly 20 per cent of the global market for undersea cables, trailing only U.S. firm Tyco Telecommunications and France-based Alcatel-Lucent.
OCC faltered when the optical communications boom collapsed after 2000, ...
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Source: HighBeam Research, NEC TO BUY UNDERSEA CABLE FIRM OCC FROM INVESTMENT FUND.