Siemens’ Information & Communication Networks Group has signed a definitive agreement to acquire a majority stake in Omnipoint Technologies’ Wireless IP Networks division for $40.5 million cash.
The proposed transaction is part of a Colorado Springs based joint venture the two companies to develop wireless IP based systems that integrate mobile radio and Internet technology. Siemens Information also agreed to lend Omnipoint $4.5 million.
The two have worked together over the past year to jointly develop IP based wireless products, and the joint venture will be staffed initially by Omnipoint employees. It expects to outline its product roadmap this autumn and will ship its first offerings by the middle of 2000.
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