Powerwave Technologies to Acquire LGP Allgon

November 30, 2003 by Jeff Shepard

Powerwave Technologies Inc. (Santa Ana, CA) and LGP Allgon Holding AB announced that they have agreed to combine their businesses in a strategic transaction under which Powerwave will acquire all of the outstanding shares of LGP Allgon common stock. The transaction, valued at approximately $407 million, will be effected through a tender offer whereby Powerwave will exchange 1.1 newly issued Powerwave shares for each LGP Allgon share.

Bruce Edwards, president and chief executive officer of Powerwave, stated, "The combination of Powerwave and LGP Allgon will extend our leadership in wireless infrastructure across key products and solutions, including coverage and capacity solutions and key base station subsystems. Combining our complementary geographical strengths and customer relationships will lead to numerous cross-selling opportunities for the combined company's products on a global basis."