CHARLOTTE, N.C.-Glen-ayre Technologies Inc. and Wireless Access Inc. said Friday they completed their merger, in which Wireless Access shareholders received about $82 million in cash. Wireless Access option holders also received options to purchase about 1.3 million shares of Glenayre common stock.
The transaction will be accounted for under the purchase method of accounting and will result in a one-time pretax charge during the fourth quarter, related to the write off of purchased in-process research and development, said Glenayre. Following the transaction, former Wireless Access option holders will have the option to buy about 2 percent of Glenayre common stock on a fully diluted basis, added Glenayre.
Gary Smith, Glenayre’s president and chief executive officer, commented on the value of Wireless Access’ technology expertise in advanced paging and integrated circuit design. Wireless Access, based in Santa Clara, Calif., develops and sells two-way pagers including those based on the ReFLEX 25, ReFLEX 50 and InFLEXion technologies.
