Brocade To Buy Ruckus for $1.2 Billion
Brocade agreed to buy Ruckus Wireless in a $1.2 billion cash and stock transaction. The acquisition adds Ruckus' higher-growth wireless products to Brocade's networking services, Brocade and Ruckus said. The companies said they expect the deal to drive business for…
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the combined company in new verticals and strengthen the company's position in 5G mobile, IoT, smart cities, OpenG and LTE/Wi-Fi convergence. The completion of the deal is subject to regulatory reviews by U.S. and international antitrust regulators, and a tender of a majority of outstanding shares of Ruckus common stock, they said. The companies said they expect to close the deal in Brocade's fiscal Q3, which ends on Aug. 1. Ruckus CEO Selina Lo will continue to lead Ruckus as a division reporting directly to Brocade CEO Lloyd Carney, the companies said. Monday, Brocade stock closed down 14 percent at $9.19, while Ruckus rose 32 percent, closing at $13.24.