Friday, April 24, 2009

Conexant sell broadband access product lines to Ikanos

Conexant Systems, Inc. (NASDAQ:CNXT) today announced that it has signed a definitive agreement to sell its Broadband Access product lines to Ikanos Communications, Inc. (NASDAQ: IKAN) for $54 million in cash. Conexant’s Broadband Access business provides solutions for DSL, ADSL, VDSL, SHDSL, and PON applications. The transaction, which is subject to customary closing conditions and regulatory approvals as well as approval by Ikanos shareholders, is expected to close in the fourth fiscal quarter. Approximately 400 Conexant employees at locations in the United States, India, and China will join Ikanos when the transaction closes. At that time, Conexant’s continuing business will consist of Imaging and PC Media.