|
Nortel in $417M deal
|
 |
November 3, 1997: 3:40 p.m. ET
Northern Telecom buys BNI to increase its wireless presence
|
NEW YORK (CNNfn) - Canada's Northern Telecom will buy Broadband Networks Inc. for $417 million in cash and stock to increase its presence in the wireless market, the company said Monday.
As part of the deal, Nortel will pay BNI about $6.03 in Canadian dollars and .0856 of a Nortel share for each share of BNI. That amounts to about $586 million Canadian dollars, or about $417 million in U.S. dollars.
"There is a strong emerging demand for end-to-end broadband network solutions," said Matt Desch, president of Nortel's wireless networks.
BNI, formed in 1994, develops hardware and software for wireless telecommunications networks.
Nortel, based in Toronto, had $12.8 billion in revenues in 1996. The company has 70,000 employees and customers in 150 customers.
|
|
|
|
|
 |
|
