Lucent to Buy Spring Tide for $1.3B

Acquisition will further its VPN capability, Lucent says

July 25, 2000

1 Min Read

MURRAY HILL, N.J. -- Lucent Technologies (NYSE: LU) today said it will acquire Spring Tide Networks, a leader in network switching equipment that allows service providers to offer customers a broad portfolio of Internet Protocol (IP) services such as virtual private networks (VPNs) and other applications. Spring Tide's equipment delivers up to four times the scalability and performance of competing products on a proven platform for IP services, while supporting any kind of network connection -- including wireless, broadband DSL and cable, and traditional wireline access.

Lucent will acquire Spring Tide, of Maynard, Mass., a privately held company, in a stock transaction for approximately 26.8 million shares and options, valued at about $1.3 billion, based on the closing price of $50.13 for Lucent stock on July 24, 2000. This excludes the approximately 4 percent stake in Spring Tide that Lucent already owns.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like