Conexant (CNXT) Completes Sale of Broadband Access Product Lines to Ikanos (IKAN), Raising $47M in Cash at Closing

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Conexant Systems, Inc. (NASDAQ: CNXT) today announced that it has completed the sale of its Broadband Access product lines to Ikanos Communications, Inc. (NASDAQ: IKAN) for $54 million. The company received approximately $47 million in cash at closing. The remaining proceeds are subject to an escrow to be released in one year. Conexant's Broadband Access business provided solutions for ADSL, VDSL, SHDSL, and PON applications. The company expects to record a gain on the sale of its Broadband Access product lines of approximately $35 million in the current quarter.

Conexant also announced that it plans to retire $80 million aggregate principal amount of floating rate senior secured notes due in November 2010.

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