RealTime IT News

Today's Deals: Nortel Buys Alteon, not Corning

Nortel Networks + Alteon WebSystems, NTL + Virgin.net unit

 Nortel Networks (NT) acquires Alteon WebSystems (ATON)


   *  Amount:         $7.8 billion


   *  Terms:            100% stock

   *  Premium:        n/a


   *  Industry:        Speed/Bandwidth


   *  Scorecard:      B-


    BOSTON, July 28--Nortel Networks announced a definitive agreement to acquire San Jose, Calif.-based Alteon WebSystems , a leader in content aware switching, positioning Nortel Networks as a leader in delivering high-performance Internet data centers. Nortel will pay an estimated US $7.8 billion in its common shares or a fixed exchange ratio of 1.83148 Nortel common shares for each share of Alteon WebSystems common stock. The transaction is expected to close in the fourth quarter of 2000.



 NTL (NTLI) to acquire Virgin.net's ISP arm


   *  Amount:         $362 million