Tallwood VC Sponsors Ikanos Acquisition of Conexant Unit
Ikanos Communications Inc. (Nasdaq: IKAN), a provider of broadband semicondcutor and software products for the digital home, has agreed to acquire the Broadband Access unit of Conexant Systems Inc. (Nasdaq: CNXT). The deal is valued at $54 million in cash, plus the assumption of certain liabilities. In conjunction with the transaction, Ikanos will sell 24 million shares of common stock to Tallwood Venture Capital for $42 million, or $1.75 per share. Tallwood also will receive warrants to purchase another 7.8 million shares at the same price. Were it to exercise those options, it would hold around a 45% equity stake in Ikanos.
25 August 2009•5 mins read
