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Lucent To Pay $207 Million For Riverstone Networks
The Ethernet infrastructure firm filed for bankruptcy in early January; the parties expect the deal to close in April.
March 22, 2006
1 Min Read
SAN FRANCISCO — Lucent Technologies Inc. will pay $207 million for Ethernet infrastructure provider Riverstone Networks Inc., Riverstone said Tuesday (March 21).
Riverstone (Santa Clara, Calif.) filed for bankruptcy in early February and said it would sell its remaining assets to Lucent for $170 million.
Riverstone said Tuesday that Lucent's final bid of $207 million reflects certain changes to the original agreement between the companies signed Feb. 7.
The final terms of the agreement are subject to approval by the U.S. Bankruptcy Court. A hearing is set for Thursday, according to Riverstone. The parties currently expect the transaction to close in early April.
"We're excited to become a part of Lucent, and believe our customers will benefit from end-to-end solutions available from a single source as a result of the combination of our businesses," said Oscar Rodriguez, Riverstone president and CEO, in a statement.The modified asset purchase agreement will be made available on Riverstone's Web site, the company said.
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