Sierra Wireless agreed to acquire AirPrime, a privately-held supplier of high-speed CDMA wireless modules. Sierra Wireless markets a wireless PC card for portable computers, OEM modules for embedded applications, and rugged vehicle-mounted wireless systems. Under the deal, Sierra Wireless will issue approximately 3.7 million shares to the shareholders of AirPrime. The value to be received by AirPrime shareholders will equal 3.7 million shares multiplied by the closing price of Sierra Wireless shares on the day of closing. As a result of the combination, AirPrime shareholders will hold approximately 18.5% of the combined entity, based on the issued and outstanding shares.
http://www.sierrawireless.com
http://www.airprime.com
- AirPrime has 78 employees and is located in Carlsbad, California. The company had revenues of $19.2 million in 2002, compared to $6.2 million in 2001.
