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Technology Stocks : NHC COMMUNICATIONS (TSE:NHC) acquiring THE FIBER COMPANY -- Ignore unavailable to you. Want to Upgrade?

To: Lalit Jain who wrote (315)	3/23/2000 5:21:00 PM
From: Lalit Jain	Read Replies (1) \| Respond to of 856

Nortel announces Promatory deal complete BRAMPTON, Ontario March 23 (Reuters) - Nortel Networks Corp. (Toronto:NT.TO - news)(NYSE:NT - news), the world's No. 2 network equipment supplier, said on Thursday it has closed its $778-million stock acquisition of U.S. digital subscriber line company Promatory Communications Inc. Under the deal, which involves 6.15 million Nortel common shares, each Promatory share can be converted into 0.2156 of a Nortel common share. About 128,000 Nortel common shares have been reserved for Promatory options and up to $72.9 million in Nortel common shares may be issued if Promatory meets set performance targets. Brampton, Ontario-based Nortel acquires Promatory's digital subscriber line (DSL) technology under the purchase, part of Nortel's buying binge to boost its Internet offerings. The DSL gear allows high-speed Internet access of up to 8 megabits per second -- or 150 times the speed of old-style analogue modes -- over traditional copper phone wires. Promatory, based in Freemont, California, has been renamed Nortel Networks Broadband Access Inc. Nortel said on March 16 it had completed its merger with Clarify Inc., an all-stock deal in which Nortel issued approximately 31.7 million common shares. That led to reweightings on several indexes and gains as fund managers who track an index