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Infinera Corporation (NASDAQ:INFN) shares are trading higher Thursday after the company announced Nokia Corp (NYSE:NOK) will acquire the company in a transaction valuing Infinera at $6.65 per share.
The Details: The companies announced a definitive agreement under which Nokia will acquire Infinera in a transaction valuing the company at $6.65 per share or an enterprise value of $2.3 billion.
The transaction represents a premium of 28% to Infinera’s share price at the close of June 26 and a 37% premium to the trailing 180-day volume weighted average price (VWAP). Infinera's stock is up more than 10% year-to-date and ended Thursday's session with a market cap of $1.214 billion, according to data from Benzinga Pro.
At least 70% of the consideration will be paid in cash and Infinera’s shareholders can elect to receive up to 30% of the aggregate consideration in the form of Nokia ADSs. Nokia’s board of directors has committed to increase and accelerate Nokia’s share buyback program to offset the dilution from the deal.
The companies said the transaction is expected to be accretive to Nokia’s comparable earnings per share in the first year post-close and to deliver over 10% comparable earnings per share accretion by 2027.
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INFN, NOK Price Action: According to Benzinga Pro, Infinera shares are up 21.48% after-hours Thursday at $6.39 and Nokia shares are down 2.14% at $3.73.
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