Apr 10, 2001 : BreezeCOM and Floware announce merger
📅 - Two leading providers of broadband wireless access equipment, BreezeCOM Inc. (breezecom.com) and Floware Wireless Systems Ltd. (floware.com) announced late last week that both companies have agreed to combine in a merger of equals.
According to the companies, the merger makes sense strategically, financially and culturally. Both companies are headquartered in Israel, and operate on a global scale. BreezeCOM has a strong presence in Eastern Europe, the US, and in Latin America. Floware has also penetrated the European, Latin American and Asian markets.
The companies say the merger, a stock-for-stock deal, will create the largest global provider of point-to-multipoint broadband wireless access equipment. And the new company intends to generate growth, and enhance its product offering to its worldwide customer base.
Under the terms of the merger, which both companies? boards of directors unanimously approved, each share of Floware stock will be converted to 0.767 regular shares of BreezeCOM in a tax-free transaction. After the merger, the new company will be renamed.
The new company will have about 53.3 million shares outstanding, with 55% held by the current shareholders of BreezeCOM and 45% held by Floware's current shareholders. The deal, though still subject to approval by the shareholders of BreezeCOM and Floware and by regulating bodies, as well as the other usual closing conditions, is expected to be completed in the third quarter of 2001.
According to the companies, the merger makes sense strategically, financially and culturally. Both companies are headquartered in Israel, and operate on a global scale. BreezeCOM has a strong presence in Eastern Europe, the US, and in Latin America. Floware has also penetrated the European, Latin American and Asian markets.
The companies say the merger, a stock-for-stock deal, will create the largest global provider of point-to-multipoint broadband wireless access equipment. And the new company intends to generate growth, and enhance its product offering to its worldwide customer base.
Under the terms of the merger, which both companies? boards of directors unanimously approved, each share of Floware stock will be converted to 0.767 regular shares of BreezeCOM in a tax-free transaction. After the merger, the new company will be renamed.
The new company will have about 53.3 million shares outstanding, with 55% held by the current shareholders of BreezeCOM and 45% held by Floware's current shareholders. The deal, though still subject to approval by the shareholders of BreezeCOM and Floware and by regulating bodies, as well as the other usual closing conditions, is expected to be completed in the third quarter of 2001.
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