NEC Corp. and Sumitomo Electric Industries Ltd. today announced the purchase of OCC Holdings and its subsidiary OCC...
July 1, 2008
NEC Corp. and Sumitomo Electric Industries Ltd. today announced the purchase of OCC Holdings and its subsidiary OCC Corp., which manufactures fiber optic submarine cables.
NEC and Sumitomo Electric will acquire 100% ownership of OCC Holdings, the parent company of OCC Corp., from an investment fund managed by the Longreach Group. NEC will hold approximately 75% and Sumitomo Electric will hold approximately 25% of OCC Holdings.
The acquisition is scheduled to be completed this month.
“The need for broadband capacity is rapidly expanding on a global scale,” said Masamichi Imai, executive general manager of NEC’s broadband networks operations unit.
“In order to accommodate the growing worldwide demand, a broad range of new submarine cable systems are being planned and built. This acquisition represents a strategic advancement for NEC.”