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Nortel ups stake in joint venture with Antec

Nortel Networks and Antec announced Monday the new terms of their deal to form Arris Interactive, a cable business joint venture. Under the new terms, Nortel raised its stake in the company from 46.5 percent to 49.3 percent, while Antec shareholders own the remaining stake. The optical equipment maker will receive 37 million shares of Arris instead of 33 million originally agreed upon in October. The two companies will also contribute to Arris all outstanding loans previously given to the new company, or $114 million from Nortel and $10 million from Antec. The companies expect the deal to close in the second quarter of this year.

    Nortel Networks and Antec announced Monday the new terms of their deal to form Arris Interactive, a cable business joint venture. Under the new terms, Nortel raised its stake in the company from 46.5 percent to 49.3 percent, while Antec shareholders own the remaining stake.

    The optical equipment maker will receive 37 million shares of Arris instead of 33 million originally agreed upon in October. The two companies will also contribute to Arris all outstanding loans previously given to the new company, or $114 million from Nortel and $10 million from Antec. The companies expect the deal to close in the second quarter of this year.