Benzinga | Jul 22, 2020 08:31AM EDT

Cisco Systems And Acacia Communications Say They 'remain actively engaged with SAMR and expect the acquisition to receive regulatory clearance.'

SAN JOSE, Calif. and MAYNARD, Mass., July 22, 2020 /PRNewswire/ -- Cisco Systems, Inc. (NASDAQ:CSCO) and Acacia Communications, Inc. (NASDAQ:ACIA) today issued a joint statement on the status of the ongoing regulatory review for the pending acquisition of Acacia by Cisco that is being conducted by the State Administration for Market Regulation of the People's Republic of China ("SAMR"). Cisco and Acacia remain actively engaged with SAMR and expect the acquisition to receive regulatory clearance.

"We are looking forward to Acacia joining Cisco and are excited to partner with their world class team to build on the great success in their core markets," said Bill Gartner, Cisco senior vice president and general manager for the Optical Systems and Optics Group. "We are fully committed to and strongly believe in the merits of this pending acquisition. Together, we will support and strengthen their existing customer base around the world, and look forward to further expansion, underpinned by Acacia's current portfolio and future product roadmaps."

"We'd like to thank our customers for their support of the transaction," said Raj Shanmugaraj, president and chief executive officer of Acacia Communications. "We are excited about the acquisition, including the growth opportunities it affords our customers and are looking forward to closing."

In accordance with the previously announced Agreement and Plan of Merger (the "Merger Agreement"), closing is expected to take place no later than the third business day following the satisfaction or waiver of the closing conditions. Acacia previously announced that the pending acquisition had received regulatory clearance in the United States, Germany and Austria. Regulatory clearance from SAMR represents the only remaining closing condition set forth in the previously announced Merger Agreement, other than customary conditions that are to be satisfied at the time of closing. The Merger Agreement provides for extension of closing for such regulatory approval.