Alvarion acquires InterWave for $5.75 per share in an all-cash transaction valued at approximately $56M

July 28, 2004

1 Min Read

MOUNTAIN VIEW, Calif. -- Alvarion Ltd. (NASDAQ:ALVR - News) and interWAVE® Communications International, Ltd. (NASDAQ:IWAV - News) today announced that they have entered into a definitive agreement which calls for Alvarion to acquire interWAVE for $5.75 per share in an all-cash transaction valued at approximately $56 million. interWAVE is a leading provider of compact mobile GSM and CDMA network equipment and services, primarily aimed at low density markets in developing regions, as well as specialty vertical applications. Alvarion is the worldwide leader in wireless broadband solutions and is focused on leading the market to widespread adoption of standards-based products through its prominent work in the WiMAX Forum(TM).

"We are excited about this transaction for several reasons," said Zvi Slonimsky, CEO of Alvarion. "First, it immediately provides an outstanding cost-effective fixed and mobile cellular solution to complement our eMGW residential voice and data solution serving regions of the world where wireline infrastructure is missing or inadequate. The addition of interWAVE expands our served market to include a rapidly growing segment of the mobile equipment market, broadens our customer base with additional top-tier operators, and leverages both our strong channel relationships and our global sales and customer support capabilities.

"Second, interWAVE's technical expertise in cellular systems design and extensive experience in providing complete mobile networks will accelerate the development of our next generation portable/mobile WiMAX offering. We are well-positioned to continue leading this last-mile revolution as WiMAX moves from fixed-only solutions to include both fixed and mobile capabilities."

Alvarion Ltd.

InterWave Communications International Ltd.

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