Sunday, December 16, 2007

Turin to Acquire Carrier Access for $93 Million

Turin Networks agreed to acquire Carrier Access Corporation for approximately $92.7 million in cash.

The Carrier Access product portfolio includes solutions that span the wireless backhaul network from the cell-site to the network edge, as well as converged access technologies that enable service providers and enterprise customers to deliver carrier-quality IP voice and data services. The company has facilities in Boulder, Colorado and Shanghai, China. It claims a base of over 100 customers which includes major Tier 1 wireless and wireline carriers, cable operators, enterprises and government agencies.

Turin Networks is a provider of metro transport and switching solutions for wireline, wireless, MSO and private networks. Its "iConnect"-based solutions facilitate migration to end-to-end Carrier Ethernet over any media for all types of network operators. Turin is headquartered in Petaluma, California with R&D facilities in Petaluma, Dallas and Boston.

Under the terms of the agreement, stockholders will receive $2.60 for each outstanding share of Carrier Access' common stock, subject to adjustment. This represents a premium of 14.7% over Carrier Access' 20 day average stock price of $2.27 through December 14th, 2007.

The transaction is subject to the approval of Carrier Access stockholders and certain other customary closing conditions.