Alvarion called a halt to its acquisition of interWAVE, a provider of compact mobile GSM and CDMA network equipment and services, citing interWave's recent financial results as well as anticipated results going forward. Alvarion said it would be willing to discuss with interWAVE concluding a transaction on different terms.
Alvarion said it is expecting to report third quarter results in line with guidance and that its own outlook remains strong.
For its part, interWAVE issued an announcement stating that it believes there is no material adverse effect or any other basis, legal or otherwise, for Alvarion to not comply with its
obligations under the merger agreement. http://www.alvarion.com
- In July, Alvarion agreed to acquire interWAVE Communications International in an all-cash transaction valued at approximately $56 million.
- interWAVE is a provider of compact mobile GSM and CDMA network equipment and services, primarily aimed at low density markets in developing regions, as well as specialty vertical applications. The company's solutions are deployed in over 50 countries by more than 100 operators, mainly local and regional cellular operators. interWAVE, which is based in Mountain View, California with engineering facilities in China and Ireland , had 12-month trailing revenues of about $39.4 million.
- Alvarion is a leading supplier of wireless broadband solutions and is actively involved in WiMAX initiatives. The company said interWAVE's fixed and mobile cellular solution complements its own eMGW residential voice and data solution serving regions of the world where wireline infrastructure is missing or inadequate.
