Sonus has today completed the GENBAND merger following which each became a wholly owned subsidiary of a parent company formed for purposes of the transaction and renamed Sonus Networks. Sonus Networks also announced that, effective today, it has begun conducting business as Ribbon Communications. The company will continue to trade on the Nasdaq Global Select Market under the ticker SONS until its new corporate name and its new ticker symbol (RBBN) become effective, which is anticipated to be by the end of 2017.
Former Sonus and GENBAND shareholders each own approximately 50% of the parent company, which had approximately 102 million shares outstanding post close. GENBAND’s former equity holders also received a $22.5 million unsecured note as part of the transaction consideration.
“Today is a tremendous day as we bring together two companies that have been at the forefront of realtime communications into a single, unified entity focused on serving our customers and moving the industry forward,” said Ray Dolan, President and CEO, Ribbon Communications. “Our new name offers a fresh start and embodies our ambition to build one of the largest, most innovative, dedicated and secure global real-time communications organizations on the market. In today’s complexly woven world, we deliver the secure, immersive, contextual experiences that enhance our lives. I’m privileged to lead this new team — together we are stronger than ever and ready to help bring the digital future to life.”
Mr. Dolan added, “With humans more connected in so many different ways than ever before, the realtime communications we rely on must become a more comprehensive, engaging, and all-encompassing experience. Additionally, the new Ribbon Communications name reflects the unparalleled suite of realtime communications software solutions that the combined company brings to the market. Ribbon Communications is ready to deliver the flexibility, security and stability that today’s digital life requires, enabling better business outcomes.”
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