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Lenovo to buy IBM x86 server business for USD 2.3 bln
2014-01-23 10:31:00| Telecompaper Headlines
(Telecompaper) Lenovo confirmed it has entered into a definitive agreement to acquire IBM's x86 server business for USD 2.3 billion. This includes System x, BladeCenter and Flex System blade servers and switches, x86-based Flex integrated systems, NeXtScale and iDataPlex servers and associated software, blade networking and maintenance operations. The purchase price includes around USD 2 billion in cash and the remainder in Lenovo stock. IBM will retain its System z mainframes, Power Systems, Storage Systems, Power-based Flex servers, and PureApplication and PureData appliances. Lenovo already acquired IBM's PC business in 2005, helping it become the world's largest PC maker last year. With the PC market slowing, the acquisition of the server business will provide a new growth area for Lenovo. IBM plans to focus more on software and services and will continue to develop Windows and Linux software portfolio for the x86 platform. Following the closing of the transaction, IBM will continue to provide maintenance on Lenovo's behalf for an extended period of time. Approximately 7,500 IBM employees around the world will be offered employment by Lenovo as part of the deal. The takeover remains subject to regulatory approval and other closing conditions.
Korea to invest USD 1.5 bln in 5G, seeks entente on norms
2014-01-22 23:50:00| Telecompaper Headlines
(Telecompaper) South Korea plans to invest KRW 1.6 trillion (approx. USD 1.5 billion) through 2020 to build a 5G mobile network. The Ministry of Science, ICT and Future Planning has been in talks with the country's three mobile operators as well as technology firms such as Samsung and LG to draw up a plan, Yonhap News Agency writes. The ministry is hoping to strengthen ties with US, Chinese, and European telecom authorities to establish standards for 5G and avoid excessive patent battles. The first test run for the 5G network on social networking sites is planned for 2015.
TeliaSonera to take SEK 2.5 bln in charges in Q4
2014-01-16 09:08:00| Telecompaper Headlines
(Telecompaper) TeliaSonera announced it will take one-time charges totaling SEK 2.524 billion for the fourth quarter of 2013. This includes SEK 2.331 billion in non-cash write-downs, primarily of goodwill and obsolete IT platforms. The goodwill writedown comes mainly at its Danish and Lithuanian activities, where charges total SEK 1.168 million. Another SEK 598 million impairment charge relates to the operations acquired in Kazakhstan in January 2013, which are expected to take longer to employ due to the lack of a 4G licence. The IT charges are a result of the new operating structure announced by the company in December. Combined with a general IT structure review, obsolete systems and platforms with a total book value of SEK 565 million will be scrapped or written down. The company also noted that annual costs for redundancies will be slightly less than previously forecast at just over SEK 1.2 billion, while the gain from selling towers in Spain will also be less than expected. TeliaSonera's Spanish subsidiary Yoigo has sold fewer towers than expected to Abertis Telecom, reducing the sale proceeds to around EUR 40-50 million (circa SEK 350-440 million). The transaction was partly finalized in the fourth quarter of 2013 with a positive cash flow impact of SEK 230 million and net gain of SEK 179 million. Finally, due to four major storms in Sweden at the end of 2013, extra maintenance costs for fault handling will impact the Broadband Services Sweden unit in the fourth quarter of 2013 by SEK 143 million.
Google to acquire Nest Labs for USD 3.2 bln
2014-01-14 07:58:00| Telecompaper Headlines
(Telecompaper) Google has agreed to acquire smart home device maker Nest Labs for USD 3.2 billion in cash. Nest develops home devices such as thermostats and smoke alarms, including the Nest Learning Thermostat and the recently launched Protect (Smoke + CO Alarm). The Nest Labs team will join Google. Nest will continue to operate under the leadership of Tony Fadell and with its own distinct brand identity. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US. It is expected to close in the next few months.
Riverbed shareholder makes USD 3 bln takeover bid
2014-01-09 09:32:00| Telecompaper Headlines
(Telecompaper) Riverbed Technology announced that it has received an unsolicited takeover bid from Elliott Management worth USD 19.00 per share in cash. The company's board will review the offer before commenting further. The bid values Riverbed at just over USD 3 billion. Elliot already holds a 10.5 percent stake in the company and has been pushing Riverbed to review its strategy. In a letter to the company in November, it called the stock "significantly undervalued". Riverbed then started working with Goldman Sachs to study strategic options, people with knowledge of the situation told Bloomberg.
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