Lumine Group emerged as the winner of a hotly contested auction for Casa Systems’ 5G core and RAN assets after outbidding rival Skyvera.

Casa Systems previously had an agreement in place to sell-off the assets for $15 million to Lumine to fund the rest of its bankruptcy proceeding before Skyvera entered the bidding process. At the subsequent auction Lumine’s winning bid of $32.2 million beat Skyvera’s $32 million offer.  

Bloomberg reported a US bankruptcy judge approved the sale due to Casa Systems possibly running out of funding this week ahead of furloughing employees.

The news agency reported the judge requires Lumine to close the deal this week. If that doesn’t happen the assets would go to Skyvera as the only other bidder.

While Casa Systems initially made its mark selling broadband equipment to cable operators, it incurred significant costs bringing its 5G mobile core and RAN products to market.

In 2022, US operator Verizon made a $40 million investment in Casa Systems that resulted in a 9.9 per cent ownership stake.

The troubled company has also entered into an agreement with fixed access network technology specialist Vecima Networks to sell its cable network technology business for $20 million.