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To: Tiley who wrote (20092)	3/4/1999 5:16:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 69867

Thurs 3/4 5:08 PM ET ===Intel To Acquire Level One In $2.2 Billion Stock Deal SANTA CLARA, Calif. (Reuters) - Intel Corp. (Nasdaq:INTC - news), the world's leading chip maker, said Thursday it agreed to acquire networking company Level One Communications Inc. (Nasdaq:LEVL - news) in a stock deal valued at $2.2 billion. Intel said in a statement it would pay Level One stockholders 0.43 shares of Intel stock for each share of Level One held. Based on Intel's closing stock price of $113.37, the deal would value Level One shares at $48.75. Sacramento, Calif.-based Level One makes high-speed telecom and networking products used in telecommunication and data communication networks. Last July the two companies formed a pact to develop high-speed corporate local area networking technology. Intel, based in Santa Clara, Calif., said it would issue about 18.6 million shares to consummate the tax-free merger which was expected to close by the end of the second quarter. The exchange rate and the total number of shares will be adjusted to account for Intel's pending 2-for-1 stock split. ''Today's announced merger extends our strength in networking and communications,'' Intel Chief Executive Craig Barrett said. ''It provides us with the silicon building blocks necessary to supply the rapidly growing demands created by the Internet and e-commerce.'' Level One Chief Executive Robert Pepper will join Intel as vice president of the company's Network Communications Group and general manager of the Level One Components Division.