Spirent Completes Caw Acquisition

LONDON -- Spirent plc (LSE: SPT; NYSE: SPM), a leading international network technology company, announces that it has completed the acquisition of Caw Networks, Inc. (Caw) for an initial cash consideration of $49 million (approximately (pound)31.6 million) comprised of approximately $45 million in cash and $4 million in a combination of Spirent restricted shares and options pursuant to an employee stock plan. The cash element of the initial consideration will be funded out of the proceeds of Spirent's recent divestments. Deferred consideration up to a value of $60 million (approximately (pound)38.7 million), expected to be satisfied by the issue of a maximum of 32.3 million Spirent shares, is payable on an earn-out basis dependent upon the revenues and certain technological milestones achieved by Caw for the year ending 31 December 2003. Commenting on the acquisition which was announced on 22 July 2002, Nicholas Brookes, Chief Executive of Spirent, said: "This acquisition provides us with key software technology to pursue a new and critical sector of the market that is highly complementary to our existing performance analysis capabilities. With Caw's technology, we will be able to provide comprehensive Layer 1 to 7 solutions enabling us to further penetrate our existing customer base and broaden our reach in the enterprise IT market." Spirent plc Caw Networks Inc.