TEL AVIV, Israel-Wireless broadband company Alvarion Ltd. announced it completed its $40 million acquisition of wireless base station company InterWAVE Communications International Ltd. The closing ends a somewhat tenuous relationship between the two companies.
Alvarion announced its intent to acquire InterWAVE in July, but then tried to pull out of the deal in September. InterWAVE quickly followed with a lawsuit, and the two companies returned to the negotiation table. In October, the companies reached an agreement for a $40 million purchase price, down from the previous $56 million price.
“We are pleased that we have closed this transaction and are looking forward to moving ahead with our growth strategy,” said Zvi Slonimsky, Alvarion’s chief executive officer. “We welcome all the InterWAVE customers as well as the excellent InterWAVE people who will enhance our organization. Together we are in a position to make a real impact on the evolution of mobile broadband moving into the WiMAX era.”
