Cisco-Tandberg Deal Clears EU, DoJ Hurdles

Cisco receives antitrust approvals from European Commission and US Department of Justice for pending acquisition of Tandberg

March 29, 2010

1 Min Read

SAN JOSE, Calif. -- Cisco (NASDAQ:CSCO - News) today announced that it has received approval from the European Commission for its proposed acquisition of TANDBERG and that the Antitrust Division of the United States Department of Justice (DOJ) has announced that it will not challenge the proposed acquisition in light of the commitments Cisco has made to the European Commission. The transaction remains subject to ongoing regulatory review in Brazil; however, the antitrust approvals from the European Commission and Justice Department represent the final regulatory approvals required before the transaction can close. Cisco and TANDBERG anticipate closing in the coming weeks.

The European Commission's decision takes into account Cisco's commitments to enhancing interoperability between its multi-screen video conferencing products and competitive products. In addition, as a condition to receiving this approval, Cisco is required to appoint an independent monitor, who must be approved by the Commission, to oversee the implementation of these commitments.

"We appreciate the thorough and efficient manner in which the Justice Department and the European Commission conducted their review of this transaction, and we are grateful for the leadership and close cooperation between the agencies throughout this process," said Marthin De Beer, senior vice president of Cisco's Emerging Technologies Business Group. "Cisco has always strongly believed that industry expansion and growth is best fostered through open standards and interoperability, and our commitments to the Commission formalize our approach in this area. Our commitments will promote multi-vendor interoperability and contribute to the ubiquity of video communications, which will benefit customers, competitors and the industry as a whole."

Cisco Systems Inc. (Nasdaq: CSCO)

Tandberg ASA (OSE: TAA)

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