GlobeSpan said it would merge with Virata in an all-stock deal worth $1.3 billion. Globespan, which makes software and chips for DSL (digital subscriber line) networks, will exchange 1.02 shares for every share of Virata, a maker of software and components for DSL and other broadband technologies.
The combined company would have pro forma revenue of $528 million for the 12 months ended June 30, 2001, with $700 million in cash and $135 million in debt. The new company will be called GlobeSpan Virata and will be based in Red Bank, N.J.
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