Cisco announced a definitive agreement to launch a recommended voluntary cash offer to acquire videoconferencing firm TANDBERG.
Not to be confused with TANDBERG Television, also based in Norway, TANDBERG provides video communications products, including a broad range of video endpoint and network infrastructure solutions with intercompany and multi-vendor interoperability.
With this proposed acquisition, Cisco will expand its collaboration portfolio to offer more solutions to a greater number of customers, further accelerating market adoption globally.
Under the terms of the agreement, Cisco will commence a cash tender offer to purchase all the outstanding shares of TANDBERG for 153.5 Norwegian Kroner per share for an aggregate purchase price of approximately $3.0 billion. The acquisition is expected to close during the first half of calendar year 2010.