03-21-2003, 07:31 AM
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Join Date: Oct 2005
Posts: 349
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Cisco buys Linksys
Source: News.com
The big tech news for the day was Cisco's purchase of Linksys.
Networking giant Cisco Systems on Wednesday said it would buy Linksys, a manufacturer of networking gear for consumers, in a stock deal valued at $500 million.
The deal will facilitate Cisco's entry into the consumer networking market, the company said in a statement. Following the close of the acquisition, Cisco will operate Linksys as a division and will continue to sell its products under the Linksys brand name.
"This acquisition supports our vision to drive innovations into the consumer market and create next-generation home networking solutions," Charles Giancarlo, senior vice president and general manager for product development at Cisco, said in a statement.
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