A German telecommunications supplier has agreed to acquire MRV Communications Inc. in a deal valued at $69 million. Adva Optical Networking will buy all outstanding shares of MRV, in Chatsworth, for $10 a share. The transaction has been approved by the boards of both companies. MRV supplies equipment and software to manage large computer networks operated by telecom service providers, cable television operators, manufacturers and other large public and private entities. It has about 235 employees. For the fiscal first quarter ending March 31, the most recent quarter available, MRV reported a net loss of $1 million (-15 cents a share) on revenue of $21.2 million. That compares to a net loss of $3.9 million (-56 cents) in the same period a year earlier. Attempts to reach a representative of MRV were not successful. But in a prepared statement, Chief Executive Mark Bonney said that in the competitive network equipment market, it was best for MRV’s shareholders to review strategic alternatives for its future. At the end of the review it was determined that an offer to be acquired by Adva was the best option because both companies are long-time suppliers to the carrier ethernet and optical transport markets, Bonney said. “With so much in common technically and culturally but with relatively little overlap among customers, the combined company will be in a stronger position to support the evolving needs of its target markets,” he added in a statement. Adva Chief Executive Brian Protiva agreed there were strong similarities between the two companies. “MRV Communications’ technology and talent will strengthen our own product set and help us to deliver even more value to our customers,” Protiva said in a statement. “Our combined teams present the marketplace with an incredibly compelling skill set and technology base.” Greg Waters, a vice president with Investors Asset Management, a privately owned investment advisory firm in Atlanta, said the sale of the company to Adva did come as a surprise. It happened just as the company was hitting its stride, had turned itself around and was going to be cash flow positive, he said. Personally, however, Waters did not think the sale of MRV was a good move for shareholders although it is a great deal for Adva. “It is very questionable, the timing of this acquisition given the valuation,” Waters said. The market cap for MRV at the time the deal was announced was about $67.8 million. The largest institutional shareholder in the company is Raging Capital Management LLC, in Rocky Hill, N.J., which owns about 31 percent of the stock. In 2011, Raging Capital founder William Martin sent a letter to the MRV board expressing disappointment that the board hadn’t maximized shareholder value.