Alcatel and Newbridge Networks Obtain Final Regulatory Approvals for Merger; Transaction Expected to Close Thursday, May 25
BusinessWire, 05/23/2000 23:22
PARIS and KANATA, Canada--(BUSINESS WIRE)--May 23, 2000--Alcatel (NYSE:ALA and Paris: CGEP: PA) and Newbridge Networks (NYSE:NN and TSE:NNC) announced today that all necessary regulatory approvals have been obtained in connection with the merger of Alcatel and Newbridge. Yesterday, Newbridge obtained the final approval of the Ontario Superior Court of Justice and Alcatel received approval from the Minister responsible for Investment Canada under the Investment Canada Act. Alcatel and Newbridge expect that the transaction will close tomorrow, May 25, 2000.
About Alcatel
Alcatel builds next-generation networks, delivering integrated end-to-end voice and data communications solutions to established and new carriers, as well as enterprises and consumers worldwide. With 120,000 employees and sales of EURO 23 billion in 1999, Alcatel operates in more than 130 countries.
About Newbridge Networks
Newbridge Networks designs, manufactures, markets and services wide area networking solutions for Internet service providers; local, long-distance, and wireless communications companies; cable television carriers; and corporate customers in more than 100 countries. The Company leverages its relationship with Newbridge Affiliate companies and strategic alliances with numerous other networking companies to deliver complete, end-to-end solutions. Newbridge customers include the world's 350 largest telecommunications service providers and more than 10,000 corporations, government organizations and other institutions. Founded in 1986, the Company employs more than 6,000 people on six continents. News and information are available at www.newbridge.com.
This document may include forward-looking statements within the meaning of Safe Harbor provisions of the United States federal securities laws. These statements are based on current expectations, estimates and projections about the general economy and Alcatel's and Newbridge's lines of business and are generally identifiable by statements containing words such as "expects", "believes", "estimates", or similar expressions. Statements related to the future performance involve certain assumptions, risks and uncertainties, many of which are beyond the control of Alcatel or Newbridge, and include, amongst others, applicable regulatory approvals, growth and customer spending patterns in the telecommunications market, foreign and domestic product and price competition, cost effectiveness, changes in governmental regulations, general economic and market conditions in various geographic areas, interest rates and the availability of capital. Although Alcatel and Newbridge believe their respective expectations reflected in any such forward-looking statements are based on reasonable assumptions, they can give no assurance that those expectations will be achieved; actual results could differ materially from the above as a result of these or other factors. |
