LONDON (05/05/2000) - Networking vendor ADC Telecommunications Inc. has agreed to buy Swedish laser manufacturer Altitun AB in an all-stock deal worth US$872 million, the companies announced today.
Under the terms of the agreement, ADC will issue 15.2 million shares of its common stock to Altitun, ADC and Altitun said in a statement. ADC, which is traded on the Nasdaq stock exchange (Symbol: ADCT), closed yesterday at $57.25 per share. ADC was trading at $62.88 per share mid-morning today.
Altitun's laser technology enables broadband networks to operate at increased capacities than is currently available and will help advance ADC's production of next-generation, all-optical network equipment, ADC and Altitun said. ADC supplies network equipment, software and integration services for broadband networks.
The deal should be finalized within a few weeks, the companies said. Altitun, which will be a wholly owned subsidiary of ADC, will remain based in Sweden.
ADC also announced today that it will buy the Danish optical component manufacturer Ibsen Micro Structures AS for $80 million. Ibsen makes Phase masks and custom-designed integrated optical components. The cash transaction is expected to be completed by May 31, ADC and Ibsen said in statement.
ADC Telecommunications, located in Minneapolis, Minnesota, can be contacted at +1-612-938-8080 or at http://www.adc.com/. Altitun, located in Stockholm, Sweden, can be contacted at +46-8-506-79700, or at http://www.altitun.com.
Ibsen Micro Structures, located in Copenhagen, Denmark, can be contacted at +45-44-99-5560, or at http://www.ibsen.dk/.