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Pace to Acquire 2Wire, Consolidating STB Market
Pace, a leading global supplier of set-top boxes for satellite, cable, IPTV and terrestrial platforms, agreed to acquire 2Wire for $475 million in cash. The consideration includes 2Wire's balance sheet cash at closing, expected to be approximately $55 million.

2Wire supplies residential gateways and multi-service IPTV STBs. The company's key customers include AT&T for its U-verse rollout, as well as Bell Canada, Telmex, BT, SingTel, and others. 2Wire, which is based in San Jose, California, is currently owned by a consortium of strategic and financial investors including Alcatel-Lucent, AT&T, Telmex, Oak Investment Partners, Meritech Capital Partners, and Technology Crossover Ventures.

Following the completion of the acquisition, Pace, already the number one global digital set-top box company, would also become the number one provider of telco residential gateway devices in the US and the number three provider globally.

"This acquisition will strengthen our Americas business, extending Pace's US market coverage with entry into the tier one telco market. We have built a strong position in the US with cable and satellite operators and 2Wire, with its expertise in the broadband residential gateway market, will enable us to address a full range of US operator requirements. 2Wire's software and gateway expertise will further drive development of our home entertainment convergence strategy. The transaction introduces deep client relationships with important customers including AT&T and further develops our platform to deliver ongoing sustainable growth," stated Neil Gaydon, Chief Executive Officer of Pace.

Pace is based in Saltaire, West Yorkshire, UK and employs over 1,000 people in locations around the world.
http://www.pace.com
http://www.2wire.com
26-Jul-10

2Wire was founded in 1998 by former members of PictureTel and Polycom.

As of 2010, 2Wire has shipped more than 30 million intelligent gateways.

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