Brocade closes acquisition of Ruckus Wireless

• Brocade (NASDAQ:BRCD) is up 2.2% after announcing it closed its acquisition of Ruckus Wireless (RKUS), a roughly $1.2B deal.
• "The combined company will be able to deliver superior focus and speed of innovation and best-in-class solutions spanning the full spectrum of networking," says Brocade CEO Lloyd Carney.
• Brocade's offer (for Ruckus common stock at $6.45/share in cash and 0.75 shares of Brocade) expired at midnight with about 58.3% of Ruckus' outstanding shares tendered.
• Brocade had entered a credit agreement for a term loan facility of $800M and a revolver of $100M, which can finance the exchange offer as well as a possible buyback to come.