Brazil's Padtec selling submarine systems unit to IPG
Brazilian optical communications systems manufacturer Padtec signed a contract to sell its submarine optical systems division to US-based multinational IPG Photonics for 75mn reais (US$20mn).
The deal is subject to certain conditions and is expected to close shortly, Padtec said in a statement.
The division includes the entire structure for the deployment, operation and maintenance of the submerged plant.
The divestment is part of Padtec's strategy to focus on the high-capacity optical transport market for terrestrial networks, the company said.
Funds from the sale will be directed primarily to R&D and global expansion, it said.
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