Lucent buys rest of WaveAccess

Lucent Technologies yesterday said it has acquired the remaining 80 percent of WaveAccess, an Israel-based company that specialises in high-speed systems for wireless data communications, for $US50 million in cash.

The acquisition will provide Lucent with the radio technology for wireless Internet access and metropolitan area networks, Lucent said in a statement.

Lucent already acquired a 20 percent stake in WaveAccess in May of this year.

Since then the companies have been working to develop a wireless Internet access system, which allows network operators to offer wireless Internet access at rates faster than current dial-up modem access, and many times faster than current cellular-wireless data communications, Lucent said.

The purchase is expected to result in a one-time charge against earnings, which Lucent will take no later than the quarter ending March 31, 1999, according to the statement.

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