Acquisition positions Turin as major provider of wireless access, backhaul and converged network solutions

December 17, 2007

1 Min Read

PETALUMA, Calif. and BOULDER, Colo. -- Turin Networks, Inc., and Carrier Access Corporation (NASDAQ: CACS) today announced a definitive agreement for Turin Networks to acquire Carrier Access for approximately $92.7 million in cash subject to certain adjustments. The addition of Carrier Access’ broad portfolio of wireless backhaul and converged access products extends Turin’s suite of iConnect™-based solutions to the service provider edge.

Under the terms of the agreement, stockholders will receive $2.60 for each outstanding share of Carrier Access’ common stock, subject to adjustment. This represents a premium of 14.7% over Carrier Access’ 20 day average stock price of $2.27 through December 14th, 2007. The purchase price is subject to adjustment in the event that Carrier Access has less than $63 million in “closing cash,” as defined in the definitive agreement.

“The driver for Turin’s significant growth over the past year has been carriers’ increasing infrastructure investments to accommodate wireless data traffic and expanded Ethernet service offerings”, said Henry Wasik, chief executive officer of Turin Networks. “This led us to pursue strategic expansion opportunities that complement our growth drivers and provide our customers with enhanced value. The Carrier Access acquisition leverages our strengths in wireless, as well as converged IP networks, and enables Turin to offer comprehensive solutions that extend to the edge of the service provider network.”

Turin Networks Inc.

Carrier Access Corp. (Nasdaq: CACS)

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