BEAVERTON, Ore.-Tektronix Inc. said it will acquire Inet Technologies Inc. for $325 million in cash and stock, enhancing its position in mobile data.
Richardson, Texas-based Inet, which will become part of Tektronix’ communication and video business, has about 500 employees and reported 2003 sales of $104 million. Inet’s products are geared toward next-generation networks, including mobile data and Voice-over-IP technologies, along with traditional networks.
“We believe that combining Inet with our mobile protocol business enables us to grow and enhance our leadership position in this market,” said Rick Wills, Tektronix chairman and chief executive officer. “This combination represents a unique opportunity to build on that success by adding Inet’s leadership in its target markets-especially mobile data-to Tektronix’ capabilities and relationships with mobile equipment manufacturers.”
Under the deal, Tektronix will purchase all outstanding stock from Inet for about $12.50 per share, consisting of $6.25 in stock and $6.25 in cash. The deal is scheduled to close by Sept. 30.
