Sierra Wireless Reaches Agreement to Acquire Sagemcom M2M for €44.9M
Sierra Wireless (NASDAQ: SWIR) today announced it has entered into an exclusivity agreement for the acquisition of Sagemcom's machine-to-machine (M2M) business. Sierra Wireless has submitted a binding offer to acquire substantially all of the assets of the business for €44.9 million in cash consideration plus assumed liabilities.
The proposed acquisition remains subject to completion of the consultation process with employee representatives. This process is expected to commence immediately and, when complete, Sagemcom will be able to enter into a definitive agreement with Sierra Wireless. The companies expect this to occur in the third quarter.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.