Cisco (CSCO) Acquires DVN Set-Top Box Business
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Cisco (NASDAQ: CSCO) announced a definitive agreement to acquire the set-top box business of DVN Limited, listed in Hong Kong with major operations in China.
DVN is a market and technology leader in digital cable solutions in China and shares Cisco's vision of a high-performance, scalable and services-rich cable interactive platform extending into every home.
Under the terms of the agreement, Cisco will pay up to $44.5 million for the set-top box business of DVN. Of this amount, approximately $17.5 million will be paid upfront, with an additional maximum amount of $27 million to be paid over four years based on the achievement of specific sales milestones. The acquisition is expected to close in the first half of calendar year 2010 subject to standard closing conditions, DVN shareholder approval and regulatory approvals.
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