wall street journal reports same: LUCENT MAY BUY INS (INSS-Nasdaq)
Lucent may buy INS for $3.7 billion
By CBS MarketWatch
Last Update: 0:05 AM ET Aug 10, 1999 NewsWatch
NEW YORK (CBS.MW) -- Lucent Technologies is expected to announce Tuesday that it will buy California-based International Network Services, according to the Wall Street Journal.
Lucent will acquire the computer networking consulting firm in a deal valued at $3.7 billion, said the Journal report, citing unnamed sources familiar with the matter.
Officials from Lucent, based in New Jersey, could not be reached for comment.
Lucent could benefit from INS's data networking expertise. The Sunnyvale, Calif.-based company helps its customer design and install computer networks, and provides intranet management.
For the fiscal year ended June 30, INS reported net income of $25.4 million, or 41 cents a diluted share, on revenue of $315 million. INS revenue grew 82 percent from $172 million in the preceding fiscal year.
According to Hoover's Online, networking equipment giant Cisco has a minority stake in International Network Services.
INS [s inss] shares closed up 1 3/8 to 47 7/16 on Monday. Lucent (LU: news, msgs)rose 5/16 to 63 5/8
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