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S. Korea’s Dasan Networks acquires Nasdaq-listed Zhone Technologies

Collected: 2016.09.13

Distributed: 2016.09.19

Source: Go Direct

South Korea’s telecommunication equipment manufacturer Dasan Network Inc. completed merger and acquisition of U.S.-based Zhone Technologies Inc., a global network solution provider listed on the Nasdaq market, the company said on Monday.

It has become the first Korean Kosdaq-listed company to merge with a Nasdaq counterpart. It acquired 58 percent of common shares that Zhone Technologies had issued in exchange for its acquisition of Dasan Network Solutions Inc., Dasan Network’s U.S. operation. The merged entity has been renamed Dasan Zhone Solutions Inc. and is under management of two co-CEOs, one from Dasan Network and the other from Zhone. Dasan Zhone Solution will continue to be traded on the Nasdaq market. The board of directors consists of four directors from Dasan Networks and three from Zhone and will be chaired by Nam Min-woo, chairman of Dasan Group.

With the merger, Dasan Networks has become the world’s seventh largest broad-band access provider and sixth largest Gigabit Passive Optical Networks (GPON) provider that supplies products to more than 800 companies in 60 or more countries around the world.

“We will join forces to change the landscape of Internet infrastructure market,” said Nam. The goal is to join the top five telecommunication equipment provider ranks.

By Jin Young-tae

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