PARIS – Alcatel-Lucent announced it has sold its remaining shares in Avanex Corp., supplier of integrated photonic subsystems, integrated optical modules and passive optical components, to the Pirelli Group. The transaction amounted to €33.4 million ($48.1 million).
Pirelli (Milan, Italy) said it has acquired 28,295,868 Avanex shares, representing a 12.4 percent stake in the company previously held by Alcatel-Lucent (Paris, France). With this agreement, Pirelli becomes the main industrial investor in Avanex (Fremont, Calif.).
Pirelli indicated that its broadband solutions unit and Avanex intend to explore collaboration for the development of advanced and cost-effective optical solutions to meet growing consumer demand driven by broadband applications such as IPTV (Internet Protocol Television).
Within the framework of this transaction, Alcatel-Lucent has extended its supply agreement for an additional three years.
"The supply agreement with Alcatel-Lucent and the investment in Avanex," commented Claudio De Conto, Pirelli's general manager, "strengthen the Group's presence in the core business of second generation photonics after the start-up, in 2001, of the Pirelli Labs advanced research center and the incorporation in early 2005 of Pirelli Broadband Solutions, built on a long history of experience in the field."