Naperville based Tellabs will no longer be a public company once a new deal is finalized.
Tellabs, Inc. has agreed to a buy out deal from L.A. based Marlin Equity Partners for $891 million.
Marlin offered $2.45 per share for the company, which has posted quarterly losses for the last three years.
Earlier this year Tellabs said it would begin laying off 300 workers as part of a restructuring plan that reduced the workforce by more than 500 last year.
“This move begins an exciting new chapter for Tellabs, our customers, partners and employees,” said Michael J. Birck, Tellabs Co-Founder and second largest shareholder. “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”
All decisions regarding relocation, job cuts and leadership positions will be up to Martin Equity Partners.
Tellabs hopes to close the deal in the fourth quarter.
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