Vecima Networks has entered into an asset purchase agreement (APA) to acquire the Cable Business assets of Casa Systems 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 $20 million (€18.4m).

To facilitate the sale, Casa and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.

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 in June. Closing of the transaction is subject to Bankruptcy Court approval and other customary closing conditions.

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Categories: Articles, Business, Cable, M&A

Tags: cable, Vecima