FREMONT, CA--(Marketwire - August 24, 2009) - Ikanos Communications, Inc. (NASDAQ: IKAN), a leading provider of advanced broadband semiconductor and software products for the digital home, today announced that it has completed the acquisition of the Broadband Access product line from Conexant Systems, Inc.
Under the terms of the agreement, Ikanos purchased Conexant's Broadband Access product line for approximately $54 million in cash, excluding transaction costs, and the assumption of certain employee and facility related liabilities. Simultaneously, Ikanos received an investment of $42 million, excluding transaction-related expenses, from Tallwood Venture Capital, a leading investment firm focused on the semiconductor industry.
In addition, in accordance with the terms of the investment by Tallwood, George Pavlov, general partner of Tallwood Venture Capital, and Dado Banatao, managing partner and founder of Tallwood Venture Capital, have joined Ikanos' Board of Directors. Pavlov and Banatao will replace Gopal Venkatesh and Elizabeth Fetter who are stepping down from their seats on the board.
Craig Garen, former senior vice president and general manager of Conexant's Broadband Access, has joined the Company as Chief Operating Officer.