Ciena Signs $150 Million Contract to Supply Systems to TyCom

Networking-equipment maker

Ciena

(CIEN) - Get Report

signed a contract to supply optical switching and transport systems for

TyCom's

(TCM)

global communications network.

The two-year agreement is initially valued at more than $150 million. TyCom will buy Ciena's MultiWave CoreDirector and MultiWave CoreStream systems for an undersea optical network that will ultimately span about 250,000 kilometers and connect the six inhabited continents.

Shares of Ciena gained 11% to $61.43 in premarket

Instinet

action.