Nokia to buy DiscoveryCom Deal worth $220 million in stock
By Lisa Sanders, CBS.MarketWatch.com, Aug 8, 2000
HELSINKI, Finland. Nokia said Tuesday that it would
buy privately held DiscoveryCom for $220 million in stock to enhance its broadband line.
Nokia.... wants to increase its market share in the communications segment, and broadband is one of the fastest-growing areas within the group.
DiscoveryCom, based in Huntsville, Ala., develops technology that allows communications service providers to rapidly install and maintain digital subscriber lines, which allow high-speed access to the Internet.
The deal is expected to close in the third quarter of 2000.
DiscoveryCom will continue operations inHuntsville,according to a statement from the companies.
"We see great synergies between the two companies' solutions and competencies," said Olli Oittinen, senior vice president of broadband systems at Nokia Networks. "Combined, they will have a great impact on our target of becoming the leading broadband access supplier, as DSL is quickly becoming the preferred access technology for copper networks," he added. |
