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Move Intended To Make Alcatel A World Leader In Broadband Networking
February 23, 2000
Alcatel, a world leader in end-to-end voice and data communications solutions systems, today announced that it has entered into a definitive agreement to acquire Newbridge Networks Corporation, the ATM WAN market leader.
The integration of Newbridge will make Alcatel one of the top players in the next-generation networking market.
Under the terms of the agreement, which has been approved by the boards of directors of the two companies, Newbridge shareholders will be asked to approve a Merger Agreement allowing for the ultimate conversion of each Newbridge share into 0.81 Alcatel ADR. Based on the Alcatel ADR closing price on 22 February, 2000 of US$48 1/8, the transaction has an implied value of US$7.1 billion.
Newbridge will merge with Alcatel's Carrier Data Division (CDD) to form the new Carrier Internetworking Division (CID). Prior to this acquisition, CDD had a revenue forecast of more than US$ 1 billion in ADSL, IP and other Internet-related equipment in 2000. The new division will be headquartered in Kanata, Canada, and is expected to have combined annual sales of more than US$ 2.5 billion (on a proforma basis).
http://www.newbridge.com/
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