Corning

(GLW) - Get Report

agreed to acquire

Cisco's

(CSCO) - Get Report

10% stake in

TheStreet Recommends

Pirelli's

optical components and devices business in exchange for Corning common stock.

The announcement comes a day after Corning received clearance from the

Federal Trade Commission

to purchase Pirelli's stake in its optical components and devices business for about $3.6 billion.

Pirelli's optical components and devices business makes lasers, components and speciality fibers that are used to transmit information through communications networks at high speeds.

Corning expects the transactions to close concurrently in late December.