Nortel takes on board CoreTek for $1.43bn

NEWS Nortel Networks has bought high-speed networking equipment company CoreTek for up to $1.43bn. The all-stock acquisition is the Canadian company's third of this type in the last three months. In December, it bought Qtera for $3.25bn, and then earlier this month it paid $3.25bn for Xros. CoreTek specialises in optical components such as lasers and devices for high-capacity DWDM (dense wave division multiplexing)-based equipment, which is increasingly used by network operators. The six-year-old company has 120 employees, and is based in Wilmington, Massachusetts.