TEKELEC TO BUY TEXAS COMPANY.
Tekelec, a maker of telephone and computer network testing equipment, said Tuesday that it will pay $163 million to acquire a Texas telecommunications firm.
The Calabasas firm said it will pay $63 million in cash and $100 million in short-term notes for closely-held IEX Corp. of Richardson, Texas. Under terms of the deal, which is expected to close in June, IEX will become a wholly-owned subsidiary of Tekelec.
IEX produces hardware and software packages for telecom companies, large corporations and Internet service providers. Tekelec officials said the company's business will complement its own network testing and equipment operations.
Tekelec officials were not available for comment Tuesday afternoon, but in a written statement accompanying the announcement, IEX President and Chief Executive Gary Crockett said the deal was a natural. ``The fit between our product family and Tekelec's is outstanding. Viewed from either side, it's a logical extension of functionality with virtually no overlap.''
Tekelec shares rose 6.25 cents, or less than 1 percent, to close at $8.
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|Publication:||Daily News (Los Angeles, CA)|
|Date:||Apr 21, 1999|
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