November 3, 6:18 pm Eastern Time
Company Press Release
SOURCE: Lucent Technologies
Lucent Technologies Completes Acquisition of Excel Switching, Strengthening Its Leadership in the Rapidly Growing Area of Programmable Networks
MURRAY HILL, N.J., Nov. 3 /PRNewswire/ -- Lucent Technologies (NYSE: LU - news) today announced it has completed its merger with Excel Switching Corporation (Nasdaq: XLSW - news) of Hyannis, Mass., strengthening Lucent's leadership in the rapidly growing area of programmable networks. Programmable networks enable service providers to quickly enter new markets with applications created by third-party developers worldwide.
Excel shareowners approved the merger with 99 percent of the votes cast in favor of the transaction. Under terms of the agreement, each share of Excel stock will be converted into .558 shares of Lucent stock. Based on the Lucent stock closing price of $65-9/16, the transaction is valued at about $1.7 billion.
Excel brings to Lucent more than eleven years of experience and one of the largest communities of application developers in the industry. More than 100 software developers, value-added resellers and original equipment manufacturers already are using Excel's open switching platform to create enhanced services, such as single number and prepaid calling card applications, as well as infrastructure applications, such as gateways between circuit and packet networks.
Lucent Technologies, headquartered in Murray Hill, N.J., designs, builds and delivers a wide range of public and private networks, communications systems and software, data networking systems, business telephone systems and microelectronics components. Bell Laboratories is the research and development arm for the company. For more information on Lucent Technologies, visit the company's web site at lucent.com.
SOURCE: Lucent Technologies |
