In a deal which will cost the company a whopping $769 Million, Ciena Corp. is all set to purchase Nortel, the Canada based company which recently filed for bankruptcy, after beating network equipment seller Nokia Siemens Networks in an auction which lasted for three days.

With the deal, the US-based Ciena's turnover will increase by nearly two times, and the move has now got markets all around to closely focus on how the network equipment maker of America will manage the new acquisition's incorporation while taking care of an increased debt load.

Under the arrangement which has won Nortel for Ciena, the company will be paying $520 Million in cash up-front and $239 Million in convertible notes. It has been reported that Nokia's final offer came “very close" to Cenia's winning bid.

This has been the second such loss for Nokia, which lost Nortel's CDMA assets in July to the bigger rival Ericsson.

With more and more foreign vendors looking to get a foothold in North America, which is the world's biggest telecom-equipment market, experts are predicting that more such acquisitions will soon happen.