Cisco completes Tandberg acquisition
Written on April 19, 2010
Cisco Systems Inc. said Monday it is wrapping up its acquisition of Norwegian video communications company Tandberg ASA.
The San Jose company (NASDAQ:CSCO) said by the end of the day it will have paid $3.3 billion for all outstanding Tandberg shares.
Cisco said it will stop trading for Tandberg's shares on the Oslo stock exchange on Monday and that it will apply for a delisting as soon as possible.
Cisco said it expects the acquisition will dilute earnings this year and add to them in 2011.
The deal is still being reviewed by regulators in Brazil, but that isn't a condition to closing.
Tandberg CEO Fredrik Halvorsen will head the combined company's new TelePresence Technology Group, Cisco said.
Filed in: legal.