H.I.G. Europe - Neptune, Ltd entered into an asset purchase agreement to acquire substantially all assets from Xtera Communications, Inc. (OTCPK:XCOM.Q) for $7.5 million.
November 14, 2016
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H.I.G. Europe - Neptune, Ltd entered into an asset purchase agreement to acquire substantially all assets from Xtera Communications, Inc. (OTCPK:XCOM.Q) for $7.5 million on November 15, 2016. Pursuant to the terms of the agreement, the consideration will be equal to $10 million less the amount outstanding under the debtor in possession financing agreement with H.I.G. In case of termination, H.I.G. will pay a termination fee of 3.5% of the consideration. The deal is subject approval of bankruptcy court. Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware in Wilmington will consider the sale on January 30, 2017. As of January 30, 2017, U.S. Bankruptcy Court for the District of Delaware in Wilmington approved the transaction. Stuart M. Brown, Thomas R. Califano, Jamila Justine Willis and Maris J. Kandestin of DLA Piper LLP (US) acted as legal advisors to Xtera Communications, Inc. (OTCPK:XCOM.Q). Silverpeak LLP acted as financial advisor while Daniel Guyder, Peter Banks, Andrew Basham, Joseph Badtke-Berkow, Anthony Bowen, Laura Campbell, Ken Coleman, Caroline Crawford, Stefanie Duda Karidis, Todd Fishman, Daniel Guyder, Adam Haberkorn, Caitlin Hanley, Christopher Harrison, Robin Harvey, William Hayward, Sarah Henchoz, Brian Jebb, Todd Koretzky, Catherine Lang-Anderson, Dave Lewis, Tiffany Liow, Keren Livneh, Michael Maier, Marjorie Mygrants, Sarbajeet Nag, Josh Neifeld, Mark Nixdorf, Dave Palmer, Jacob Pultman, Kenneth Rivlin, Shira Selengut, Madelin Sinclair and McAusland of Allen & Overy LLP acted as legal advisors to H.I.G. Europe - Neptune, Ltd. Steven Diamonds, Joan Ochs acted of Arnold & Porter Kaye Scholer LLP acted as a legal advisor to Allen Overy LLP. Lincoln International LLC acted as financial advisor to H.I.G. Europe - Neptune, Ltd.
Xtera Communications, Inc. is a provider of subsea systems and telecoms technology. The Company supplies unrepeatered and repeatered networks, through optical amplifiers to deliver traffic directly in inland. Its portfolio of services includes system design, project planning and feasibility studies, on-shore and off-shore security during installation, desktop study, route survey and cable engineering, in-house permitting service, route clearance, shore end and installation operations, post lay inspection and burial, landing route and station development, testing and commissioning, training, and maintenance and operational support. Its products include submarine system technology, repeater units, branching units, open systems, open systems gateway, network management system, optima terminal equipment and unrepeatered systems. It offers Nu-wave Optima platform, which provides a modular platform that serves terrestrial, unrepeatered and ultra-long span submarine applications.
H.I.G. Europe - Neptune, Ltd entered into an asset purchase agreement to acquire substantially all assets from Xtera Communications, Inc. (OTCPK: XCOM.Q) for $7.5 million.
XTERA COMMUNICATIONS, INC. 
