Thursday, September 27, 2007

ECI Telecom Completes Acquisition by Private Equity Group

ECI Telecom has been acquired by affiliates of the Swarth Group and certain funds that have appointed Ashmore Investment Management Limited as their investment manager, for a total value of approximately $1.24 billion.

Under the terms of the Merger Agreement, which was approved by a majority of over 99% of ECI shareholders voting at an extraordinary general meeting held on August 29, 2007, each ECI share outstanding as of today has been automatically converted into the right to receive US $10.00 per share in cash, without interest and less any applicable withholding tax.

ECI had been listed on NASDAQ for the past 25 years.

See also