08:52 AM EDT, 04/03/2024 (MT Newswires) -- Vecima Networks Inc. ( VNWTF ) said Wednesday that it has signed an asset purchase agreement to buy the Cable Business assets of Casa Systems Inc. and certain of Casa's subsidiaries. Under the agreement, Vecima, or its affiliates, will buy substantially all the assets of Casa's Cable Business for US$20 million ($27.1 million).

Casa and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.

Casa is seeking approval of Vecima as a "stalking horse" bidder for the Cable Business assets under Section 363 of the Bankruptcy Code. The transaction is subject to bankruptcy court approval and other bids for the Cable Business assets at an auction coordinated through the Bankruptcy Court.

The deal is expected to close at the start of June.