BOCA RATON, Fla.-Airspan Networks Inc. announced last week the completion of its acquisition of Nortel Networks’ fixed wireless access business.
The purchase price of $12.9 million was offset against Nortel customer prepayments totaling $14.9 million, which were acquired by Airspan as part of the transaction. Airspan expects revenues from the acquisition alone to exceed $25 million in 2004 and to generate $3 million to $5 million in cash from the new business.
As part of the agreement, Airspan acquired Nortel assets associated with the manufacture, development and support of Nortel’s Proximity fixed wireless product line and will hire 26 people from the Nortel workforce.
