Tektronix Announces Acquisition of Inet Technologies
Tektronix Inc. (Beaverton, OR) announced that it plans to acquire Inet Technologies Inc., cozying up to network operators and equipment manufacturers implementing next-generation general packet radio service, universal mobile telecommunications systems and VoIP technologies. Tektronix expects the transaction to close around September 30, 2004.
Under terms of the deal, Tektronix will acquire all of Inet’s outstanding stock for approximately $12.50 per share, consisting of $6.25 per share in cash and approximately $6.25 per share in Tektronix’ stock, with the net purchase price totaling about $325 million after adjusting for Inet’s $172 million cash balance as of March 31.
Inet provides communications software solutions for next-generation networks such as 2.5G and 3G mobile data and voice-over-packet technologies, and traditional networks. The company employs about 500 people worldwide and saw $104 million in 2003 sales. When it becomes part of Tektronix’ communications and video business, sales from products that address the network monitoring and protocol test markets are expected to exceed $200 million, which would make Tektronix one of the largest providers in this segment.