Modem maker Hayes Microcomputer is to acquire remote networking company Access Beyond in a share deal worth an estimated $341 million.
But the deal, expected to be finalised later this year, means that the jealously guarded private company status of Hayes will disappear.
Founder Dennis Hayes, who has kept his company private to date, will become chairman of the merged unit with Joe Formichelli, currently operations officer, becoming president and chief executive. The CEO of Access Beyond, Ron Howard, will become vice chairman.
Last year, Hayes emerged from bankruptcy but still faces tough competition in the modem market, where margins are very slender.
According to US reports, Hayes is negotiating with an investor and looking for $30 million to assist its flotation, in return for an 11 per cent stake in the company.
The acquisition of Access Beyond spells the effective end of Hayes' attempt to buy Micronics.
The deal with Access Beyond coincides with Hayes' second quarter results, showing a $2.5 million loss on turnover of $56 million.
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