Vecima Networks announced it has entered into an asset purchase agreement (APA) to acquire the Cable Business assets of Casa Systems, Inc. (Casa) and certain of Casa’s subsidiaries.
Under the APA, Vecima, or its affiliates, will acquire substantially all the assets of Casa’s Cable Business for a purchase price of USD $20 million. To facilitate the sale, Casa and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the Bankruptcy Court).
Casa is seeking approval of Vecima as a “stalking horse” bidder for the Cable Business assets under Section 363 of the Bankruptcy Code. The transaction is subject to Bankruptcy Court approval and other bids for the Cable Business assets at an auction coordinated through the Bankruptcy Court.
If Vecima is successful, closing of the transaction is expected to occur at the beginning of June 2024. Closing of the transaction is subject to Bankruptcy Court approval and other customary closing conditions.
