Sierra Wireless To Sell AirCard Unit To Netgear For $144.5M2013-01-29 09:06 by DanielaTags: Sierra Wireless, Netgear, AirCard
Netgear, Inc., a global networking company that delivers innovative products to consumers, businesses and service providers, yesterday announced that on January 28, 2013, it entered into an agreement to acquire select assets and operations of the Sierra Wireless, Inc. AirCard business. Netgear management will hold an investor conference call today, January 29, 2013 at 8:30 a.m. EST (5:30 a.m. PST) to discuss the agreement. On January 28, 2013, Netgear entered into an Asset Purchase Agreement with Sierra Wireless to acquire the operations of the AirCard business, including customer relationships, certain intellectual property, inventory and fixed assets of the Sierra Wireless AirCard business. The purchase price is approximately $138 million in cash. The final purchase price is subject to adjustments to be made after closing. With the completion of the asset acquisition, approximately 160 employees located primarily in Carlsbad, California and Richmond, British Columbia are expected to be integrated into Netgear's service provider business under Michael Clegg, Senior Vice President and General Manager of Netgear's service provider business unit. Read more -here-
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