April 20, 2024

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[THE INVESTOR] Dasan Networks announced on Sept. 12 that it has finalized the merger of its wholly owned subsidiary Dasan Network Solutions with US-based Zhone Technologies.

Implementing the agreement signed in April, Zhone Technologies has acquired Dasan Network Solutions from its parent company and in turn the South Korean company took over newly issued common stocks of the combined company named DASAN Zhone Solutions, owning 58 percent stake. Two co-CEOs, appointed by each company, will head the new company that will remain listed on NASDAQ.

With this merger, Dasan Networks has leaped to the 6th position in the gigabit passive optical network area, and the 7th in broadband access area. 

“The merger will immediately position our company as a leading provider of broadband access, mobile backhaul, ethernet switching and passive optical LAN solutions,” stated Jim Norrod, co-CEO of the new company, adding that it will seek to expand its 2 percent share of the 40 trillion won (US$36.02 billion) global market.

Seoul-based Dasan Networks was established in 1993 and has been a global network solutions provider. Zhone Technologies was established in California and has been leading the fiber access transformation for service provider and enterprise networks.

By Hwang You-mee (glamazon@heraldcorp.com)