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.
Be respectful, keep it civil and stay on topic. We delete comments that violate our policy, which we encourage you to read. Discussion threads can be closed at any time at our discretion.