Mergers & Acquisitions
NETGEAR Completes Asset Acquisition of Customer Networking Solutions Business of Westell Technologies, Inc.
2011 MAY 4 - (VerticalNews.com) -- NETGEAR®, Inc. (NASDAQGM: NTGR), a global networking company that delivers innovative products to consumers, business and service providers, announced that on April 15, 2011, it completed the asset acquisition of the Customer Networking Solutions ("CNS") division of Westell Technologies, Inc. ("Westell").
On March 17, 2011, NETGEAR entered into an Asset Purchase Agreement with Westell to purchase certain intellectual property and other assets of CNS at a purchase price of approximately $33.5 million. NETGEAR will inherit almost all of the customers of CNS and the CNS product line will be incorporated into NETGEAR's service provider line of products.
Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "We are pleased to announce the completion of the Westell CNS business acquisition. With this acquisition, we look forward to further strengthening our share in the service provider market, especially in the United States. We extend a warm welcome to their employees and customers, and we anticipate demonstrating significant benefits to our existing customers by leveraging their technology and human capital in the near future."
With the completion of the asset acquisition, 25 individuals from CNS's engineering, sales and operations teams will be integrated into NETGEAR's service provider business under Michael Clegg, Senior Vice President and General Manager of NETGEAR's service provider business unit.
Keywords: Acquisitions, Engineering, Industry, Mergers, NETGEAR, NETGEAR Inc., Technology Companies.
This article was prepared by VerticalNews Mergers & Acquisitions editors from staff and other reports. Copyright 2011, VerticalNews Mergers & Acquisitions via VerticalNews.com.