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Infinera shares jump on report it is exploring a potential sale

Published 03/14/2023, 01:24 PM
Updated 03/14/2023, 01:28 PM
© Reuters.  Infinera (INFN) shares jump on report it is exploring a potential sale

© Reuters. Infinera (INFN) shares jump on report it is exploring a potential sale

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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