MRV Agrees to Sell Tecnonet S.p.A.

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Go back to MRV Agrees to Sell Tecnonet S.p.A.

MRV Communications (MRVC) Reports Q2 EPS of $0.03; Enters Agreement to Sell Tecnonet

August 10, 2015 4:14 PM EDT

MRV Communications (NASDAQ: MRVC) reported Q2 EPS of $0.03, versus ($0.22) reported last year. Revenue for the quarter came in at $42.7 million, versus $43.1 million reported last year.

MRV also announced that it entered into an agreement on August 7, 2015 to sell Tecnonet S.p.A., its Network Integration subsidiary based in Rome, Italy, to Maticmind S.p.A. based in Milan, Italy for total consideration of 19.7 million or approximately $21.4 million based on the current exchange rate of 1.09 USD/.

The consideration includes a cash payment by Maticmind to MRV of 15.6 million at closing plus a cash... More