Mergers and Acquistions News
Categories: Telecoms
December 2nd 2008, 16:11PM
Sierra Wireless has agreed to acquire Wavecom in a friendly deal worth around €218 million (£185 million).
The deal will see the Canadian firm pay €8.50 per ordinary share of the French machine to machine (M2M) communications firm, with €31.93 being paid per OCEANE convertible bond.
According to the board of Sierra Wireless, the deal is in the best interests of the firm.
Jason Cohenour, president and chief executive officer of Sierra Wireless, said: "Wavecom will significantly increase our scale and capabilities in Europe and Asia - both of which are important geographical expansion opportunities for the company."
The deal will also allow Sierra expand its position in the global M2M market and form a global leader in wireless data, he added.
Yesterday, it was announced that Clearwire has completed its takeover of Sprint Nextel.
The deal also sees the purchasing firm receive a $3.2 billion (£2.15 billion) investment from a range of companies including Comcast, Intel, Time Warner Cable, Google and Bright House Networks.
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