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Cisco to Buy Set-Top Box Business Company DVN Ltd in China
02 Nov 2009
Cisco Systems Inc has agreed to buy the set-top box business of Hong Kong-based DVN Ltd for as much as $44.5 million.
Cisco will pay $17.5 million upfront, and will pay an additional amount of up to $27 million over four years. The final amount depends on sales, although Cisco declined to specify any targets. The deal is expected to close in the first half of 2010.
The acquired set-top box business will become part of Cisco's international cable business unit, while the DVN business will continue to run from China.
Cisco also plans to enter into an alliance with DVN to utilize its software, applications and support services.
Cisco is also planning to use foreign cash to fund its planned $3 billion acquisition of Norwegian videoconferencing giant Tandberg ASA, although some Tandberg shareholders have recently balked at the offer price.
Tags
cisco, dvn ltd, set top box
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