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Technology Stocks : Ascend Communications (ASND)

ASND 206.52

-1.2%

Nov 25 3:59 PM EST

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To: djane who wrote (51858)	8/10/1998 2:30:00 AM
From: djane	Read Replies (1) of 61433

Ascend to acquire Stratus Computer techweb.com August 10, 1998, Issue: 1020, Section: Business Alameda, Calif. - In the first deal linking a broadband switch company with a fault-tolerant computing specialist, Ascend Communications Inc. agreed last week to acquire Stratus Computer Inc. in an all-stock deal valued at $820 million. Ascend plans to continue the original plans by Stratus (Marlboro, Mass.) to sell off all non-telecom related business and eliminate 350 jobs. The primary driver for the deal, said Ascend chief executive Mory Ejabat, is a need to create platforms that support both circuit-switched voice and packet-switched data. Ascend's stock fell $7 a share July 31 after rumors of the deal were published in San Jose-area papers. But the stock recovered $1.06 to close at $45.50 per share on Aug. 3, after the deal was announced. Stratus stock rose $3.68 to $32.44 on the New York Stock Exchange. Stratus currently has four business units: telecom carriers; Operation Support System software and related OSS hardware; enterprise computing; and financial and enterprise software. Ascend will retain only the first two units, and will help Stratus find a buyer for the others. Of Stratus' $688 million in revenue for fiscal 1997, roughly half came from telecommunication accounts, the companies said. Copyright r 1998 CMP Media Inc.

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