Alliance to Receive Approximately $35 Million in Cash and Shares of Adaptec
Adaptec, Inc. Announces Plan to Acquire Platys Communications, Inc. for $150 Million Stock and Cash
Alliance to Receive Approximately $35 Million in Cash and Shares of Adaptec
SANTA CLARA, Calif.--(BUSINESS WIRE)--July 9, 2001--In a press release dated, July 2, 2001, Adaptec, Inc. (``Adaptec'' - NASDAQ:ADPT), the leader in IP Storage connectivity, announced the acquisition of Platys Communications, Inc. of Santa Clara, Calif. The acquisition accelerates Adaptec's ability to provide IP Storage connectivity for three key high-growth IP Storage markets, namely: SAN (iSCSI end-to-end connectivity); Switches (Fibre Channel extension and routing); and NAS (iSCSI and TCP/IP connectivity).
Platys, founded in 1997, develops and markets advanced storage networking products, including highly differentiated iSCSI ASICs, scalable to 10Gbit. Adaptec has led the market in providing iSCSI interoperability, with software expertise in both host and target side devices.
In connection with the proposed merger, Alliance Semiconductor Corporation (``Alliance'' - NASDAQ: ALSC), through it's venture arm, Alliance Venture Management, LLC, will receive approximately $35 million in cash and shares of Adaptec for its 23.2% interest in Platys. Based on the closing share price of Adaptec on July 2, 2001, the estimated pretax gain from this transaction is approximately $30 million.
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