Sierra Wireless and Wavecom announced today that Wavecom would be purchased by Sierra in a friendly deal. The combination of the two firms will create a global leader in wireless data says the companies. Sierra will be making an all cash offer of EUR8.50 per ordinary share of Wavecom.
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The founders of Wavecom who collectively own 21% of the firm will all put up outstanding shares for the offer. The purchase offer is a 21% premium over what the stock was trading for on October 6, 2008. Sierra Wireless expects the purchase to close in Q1 2009.
"Sierra Wireless and Wavecom are a natural match. The two companies share similar histories and a common culture of innovation and technology leadership in wireless data. Joining with Sierra Wireless is a unique opportunity for Wavecom, its customers and employees. Together, the companies are well positioned to provide the most competitive solutions in the market and to become a global leader in wireless data," said Ronald Black, CEO, Wavecom.
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Via Sierra Wireless