Infinera shares jump on report it is exploring a potential sale By Investing.com

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Infinera shares jump on report it is exploring a potential sale

Stock Markets Mar 14, 2023 01:28PM ET

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Infinera shares jump on report it is exploring a potential sale

INFN

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By Sam Boughedda

Infinera (NASDAQ:INFN) shares jumped more than 11% on Tuesday after Reuters reported that it is exploring options that include a sale.

According to Reuters sources, the U.S. semiconductor manufacturer for the telecommunications industry is working with investment bank Centerview Partners on a sale process that is expected to launch in a few weeks.

However, Reuters sources said there is no guarantee that the San Jose, California-based company, which competes with China's Huawei, will reach any deal.

Infinera produces optical semiconductors and networking equipment for fixed-line and mobile telecommunications networks. Its shares hit a high of $7.80 on the back of today's news, although it is down over 15% in the last 12 months. It is also still some way off its highs of 2007 and 2015 when it climbed to well over $20 per share.

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