NetGear Acquiring Sierra Wireless’ AirCard Business For $138 Million In Cash
NetGear will be acquiring the assets and operations of Sierra Wireless’ AirCard business. The assets and operations include customer relationships, intellectual property, inventory, and fixed assets of the AirCard business. The amount for the business is $138 million. The deal is subject to closing conditions.
“We are excited to announce that we have entered into an agreement to acquire select assets of the Sierra Wireless AirCard business. We expect this acquisition will accelerate the mobile initiative of our service provider business unit to become a global leader in providing the latest in LTE data networking access devices. We believe that LTE network technology represents a huge market opportunity, especially in emerging markets and rural areas where high speed broadband Internet access is currently limited. This asset acquisition reinforces NETGEAR’s commitment to develop innovative products for the next generation of Internet service providers,” stated NetGear Chairman and CEO Patrick Lo.
Around 160 Sierra Wireless employees located in Carlsbad, California and Richmond, British Columbia will be integrated into NetGear’s service provider business under Michael Clegg.