US-based telecommunications company Tellabs has signed a definitive agreement to sell all its shares to the entities affiliated with Marlin Equity Partners for about $891m.
As part of the agreement, all shares of Tellabs will be acquired by an affiliate of Marlin, through a tender offer prior to 1st November, and complete the process by executing a second-step merger to acquire any shares left untendered.
The transaction is subject to certain conditions and expected to be completed in the fourth quarter of 2013.
Tellabs chairman Vince Tobkin said the move begins an exciting new chapter for the company.
"We believe the transaction will enable us to invest in key technologies for future products, and become even more competitive as we help our customers succeed," Tobkin added.
Marlin partner Nick Kaiser said the company views Tellabs' business as an ideal opportunity to capitalise on the growth in the telecom network equipment sector.
"We are committed to extending Tellabs' market leadership by continuing to make significant investments in research and development, and in providing a superior customer experience," Kaiser added.