Lucent news - not sure if it has been posted already:
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Lucent in $260 mln deal for Israeli start-up
(Adds other companies competed)
JERUSALEM, March 30 (Reuters) - Lucent Technologies Inc
LU.N has signed a deal to buy Israeli start up Libit Signal
Processing for $260 million, an investor in Libit said on
Tuesday.
"There is an agreement in principle and the deal should be
closed within 30 days," Zeev Holtzman, chief executive of Giza
Ltd., which owns seven percent of Libit, told Reuters.
Libit, a five-year old company based in Herzliya, designs
and manufactures silicon solutions for the broadband access
market.
Holtzman said three leading U.S. technology companies had
been bidding to buy Libit, but declined to disclose their
names. He said the decision was based on what management viewed
as the "best business match."
Israeli media reported that Libit would be able to help
Lucent compete in the field of cable network communications
modems. Libit raised $6 million in June based on a company
valuation of $74 million, Israeli papers said.
Other investors in Libit include Israel's Discount
Investment Corp DISI.TA, Intel Corp INTC.O and GE Capital,
a unit General Electric Corp GE.N.
REUTERS
Rtr 14:16 03-30-99
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Ibexx |
