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Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: Perry Ganz who wrote (5453)	1/11/1999 8:04:00 AM
From: Anthony Wong	Respond to of 21876

Lucent Technologies to Buy Kenan Systems for $1.48 Billion in Stock Bloomberg News January 11, 1999, 7:35 a.m. ET Lucent Technologies to Buy Kenan Systems for $1.48 Bln in Stock Murray Hill, New Jersey, January 11 (Bloomberg) - Lucent Technologies Inc., the top U.S. phone-equipment maker, agreed to buy privately held Kenan Systems Corp. for about $1.48 billion in stock. Lucent will issue about 12.88 million shares for Kenan Systems. Lucent expects the acquisition to be completed in the second quarter ending March 31, and said it will add to earnings starting this fiscal year. Kenan Systems makes software for billing, order processing and customer analysis, allowing phone companies to produce a single customer bill for any combination of wireless, wireline, voice, data, Internet and cable-television services. ''We weren't a big player in this space, so we decided to jump to the head of the pack by acquiring the hottest player in the business,'' said Dan Stanzione, Lucent's executive vice president and chief operating officer. The communications software market is expected to grow 25 percent a year to $26 billion by the year 2000, said Murray Hill, New Jersey-based Lucent. The acquisition also will help Lucent boost its growth outside the U.S. Kenan Systems customers include British Telecommunications Plc in the U.K. and France Telecom, as well as AT&T Corp. and GTE Corp. Kenan Systems will become a unit of Lucent and will keep its headquarters in Cambridge, Massachusetts. -- Colleen McElroy (609) 279-4069 in the Princeton newsroom/shf