LINTHICUM, Md. (

TheStreet

) --

Ciena's

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agreement to acquire

Nortel's

optical networking and carrier Ethernet assets has been approved by bankruptcy courts in the U.S. and Canada.

Ciena said late Wednesday in a press release that the transaction is expected to close in the first calendar quarter of 2010.

It was reported last week that

Ciena won the bidding

for the optical networking and carrier Ethernet assets of Nortel, agreeing to pay $530 million in cash and issue $239 million in senior convertible notes.

Nokia Siemens Networks

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had objected to Ciena's bid for the Nortel assets and was prepared to raise its bid to $810 million in cash from its initial offer of $770 million. Nokia Siemens, a 50-50 joint venture of

Nokia

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of Finland and

Siemens

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of Germany teamed up with private-equity firm One Equity in its initial bid.

A Nokia Siemens spokesman told

Reuters

that the convertible bonds carry significant risk and should not be valued the same as cash.

However, Nortel's attorney said a decision was reached Wednesday which led to the withdrawal of the last major objection, according to

Reuters

. Ciena agreed to change the pricing on its convertible securities under certain conditions.