Optical fiber pioneer Corning Incorporated and Scimitar Capital Partners announced 15 September 2003 that SCP has purchased Corning“s subsidiary, CIV LLC, which holds Corning“s venture capital portf…
Optical fiber pioneer Corning Incorporated and Scimitar Capital Partners announced 15 September 2003 that SCP has purchased Corning“s subsidiary, CIV LLC, which holds Corning“s venture capital portfolio. The transaction was completed in the second week of September 2003. Terms of the deal are not being disclosed, but Corning will retain a small interest in CIV“s portfolio. The advisor on the transaction was The Camelot Group. CIV will maintain offices in Corning, N.Y., and Greg Smith will continue to serve as president. SCP has offices in New York, Geneva, the Middle East and North Africa. “CIV is delighted to become a part of Scimitar Partners and have access to global backing and investments in emerging markets and private equity ventures. At CIV, working with Scimitar, we will maintain our focus on researching and investing in next generation telecommunications and technology opportunities,” Smith said. Established in 1851, Corning Incorporated manufactures optical fiber, cable, hardware and equipment in its Telecommunications segment. Corning“s Technologies segment manufactures high-performance display glass, and products for the environmental, life sciences, and semiconductor markets. The Camelot Group is a global advisor to corporations, partnerships, governments and high net worth individuals who seek to divest secondary interests in private equity, limited partnership assets and portfolios of direct investments. Scimitar Capital Partners is a leading private equity firm that specializes in extracting value from investments in diverse industries in developed markets, and across developing markets such as the Middle East, North Africa and Eastern Europe.