Vecima Announces Intent to Acquire the Assets of Casa Systems’ Cable Business
April 03 2024 - 7:15AM
Business Wire
Vecima Networks, Inc. (TSX: VCM) today announced it has entered
into an asset purchase agreement (“APA”) to acquire the Cable
Business assets of Casa Systems, Inc. (“Casa”) and certain of
Casa’s subsidiaries. Under the APA, Vecima, or its affiliates, will
acquire substantially all the assets of Casa’s Cable Business for a
purchase price of USD $20 million. To facilitate the sale, Casa and
certain of its subsidiaries filed voluntary petitions for relief
under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy
Court for the District of Delaware (the “Bankruptcy Court”).
Casa is seeking approval of Vecima as a “stalking horse” bidder
for the Cable Business assets under Section 363 of the Bankruptcy
Code. The transaction is subject to Bankruptcy Court approval and
other bids for the Cable Business assets at an auction coordinated
through the Bankruptcy Court.
If Vecima is successful, closing of the transaction is expected
to occur at the beginning of June 2024. Closing of the transaction
is subject to Bankruptcy Court approval and other customary closing
conditions.
About Vecima Networks Vecima Networks Inc. (TSX: VCM) is
leading the global evolution to the multi-gigabit, content-rich
networks of the future. Our talented people deliver future-ready
software, services, and integrated platforms that power broadband
and video streaming networks, monitor and manage transportation,
and transform experiences in homes, businesses, and everywhere
people connect. We help our customers evolve their networks with
cloud-based solutions that deliver ground-breaking speed, superior
video quality, and exciting new services to their subscribers.
There is power in connectivity – it enables people, businesses, and
communities to grow and thrive. Learn more at www.vecima.com.
Forward Looking Statements This news release contains
“forward-looking information” within the meaning of applicable
securities laws. Forward-looking information is generally
identifiable by use of the words “believes”, “may”, “plans”,
“will”, “anticipates”, “intends”, “could”, “estimates”, “expects”,
“forecasts”, “projects” and similar expressions, and the negative
of such expressions.
Forward looking information in this news release includes, but
is not limited to, any statements respecting: the acquisition by
Vecima of substantially all the assets of Casa’s Cable Business,
for a purchase price of USD $20 million; Vecima’s bid remaining the
highest and best bid; the transaction receiving Bankruptcy Court
approval; the closing of the purchase of the Cable Business assets;
and the expected timing of closing and the satisfaction and timing
of all closing conditions and approvals required by law.
The forward-looking statements are based on the current
expectations of the management of Vecima and are inherently subject
to uncertainties and changes in circumstances and their potential
effects and speak only as of the date of such statement. There can
be no assurance that future developments will be those that have
been anticipated.
A more complete discussion of the risks and uncertainties facing
Vecima is disclosed under the heading “Risk Factors” in the
Company’s Annual Information Form dated September 21, 2023, as well
as the Company’s continuous disclosure filings with Canadian
securities regulatory authorities available at www.sedarplus.ca.
All forward-looking information herein is qualified in its entirety
by this cautionary statement, and Vecima disclaims any obligation
to revise or update any such forward-looking information or to
publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events, or developments, except as required by law.
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Investor Relations: 250-881-1982, invest@vecima.com Media
Relations: bernadette.dunn@vecima.com
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