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Verizon to buy AOL for USD 4.4 billion
2015-05-12 13:18:00| Telecompaper Headlines
(Telecompaper) Verizon is taking a major step in the online content market with the agreed acquisition of AOL for USD 4.4 billion. The US operator said AOL will support its LTE wireless video and OTT video strategy, as well as tie in with its Internet of Things platforms. In addition to just over 2 million internet subscribers, AOL is a major presence in the US online advertising market, produces a variety of online video content and owns well-known websites such as TechCrunch, The Huffington Post, Engadget, Makers and AOL.com. Tim Armstrong, AOL chairman and CEO, will continue to lead AOL operations after the takeover closes. Verizon will finance the deal with cash on hand and commercial paper and expects to complete the acquisition this summer, pending regulatory approval. Verizon said it still expect to return to the credit ratings it had before buying out Vodafone's stake in Verizon Wireless by 2018-2019.
NYC to invest USD 70 mln into broadband for all
2015-05-05 09:34:00| Telecompaper Headlines
(Telecompaper) New York City Mayor Bill De Blasio said the city will invest USD 70 million over the next ten years, in order to make broadband available to all 8.5 million New Yorkers, Cnet reported. The funding is for De Blasio's ten-year OneNYC technology plan announced in April. The project wants to help level the playing field in terms of economic opportunity among NYC residents and to take advantage of the jobs tech startups are creating in the city. De Blasio said he sees the technology industry as a way to close the income gap between rich and poor in the city. Around 20 percent of New Yorkers currently lack access to broadband at home. The number rises to 36 percent for low-income households. Nationally, about 17 percent of households do not have broadband, according to a recent report from the FCC.
Tags: all
usd
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Ciena to buy Cyan for USD 400 mln
2015-05-04 16:16:00| Telecompaper Headlines
(Telecompaper) Ciena has agreed to acquire Cyan for USD 400 million, or USD 335 million net of cash and including Cyan's outstanding convertible notes on an as-converted basis. Ciena said the addition of Cyan will accelerate the availability of a complete system for customers to deliver virtualised networks and services on-demand. The deal is expected to close in Ciena's fiscal fourth quarter. Ciena will assume Cyan's USD 50 million worth of 8.0 percent convertible senior secured notes due 2019. The transaction is subject to certain approvals. The boards of both companies have approved. Cyan also announced its first quarter results, saying revenues grew 89 percent year-on-year to USD 36.0 million. The net loss meanwhile widened to USD 52.9 million or USD 1.11 per share from a loss the year earlier of 15.0 million or USD 0.32 per share. The net loss includes a USD 41.3 million non-cash charge associated with its convertible debt, primarily the result of a 60 percent increase in the company's stock price during the quarter.
Chinese group agrees to acquire OmniVision for USD 1.9 bln
2015-05-01 11:20:00| Telecompaper Headlines
(Telecompaper) Advanced digital imaging services developer OmniVision Technologies has agreed to an increased USD 1.9 billion bid for its business from a consortium of Chinese investors. Beijing private-equity firm Hua Capital Management joined forces with other Chinese investors to offer USD 29.75 a share in cash for the company, around 12 percent more than the stock's current value. The deal is expected to close in 2016, leading to OmniVision. However, reports have suggested it may be blocked by US regulators concerned about Chinese investors acquiring Silicon Valley tech companies. OmniVision makes sensors, chips and other components for cameras used in smartphones and reported sales of USD 1.42 billion in 2014. Breakdowns of Apple products have revealed that OmniVision's components have been used in iPhones in the past.
Tags: group
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AT&T formally completes Nextel purchase for USD 1.875 mln
2015-05-01 09:17:00| Telecompaper Headlines
(Telecompaper) AT&T has closed its acquisition of NII Holdings' Nextel Mexico business for USD 1.875 million after the deal was approved by Mexico's telecom regulator IFT and the US Bankruptcy Court for the Southern District of New York, which is overseeing the restructuring of NII Holdings. The acquisition excludes around USD 427 million of net debt and other adjustments. The deal marks AT&T's second purchase of a Mexican mobile operator this year following its January acquisition of Iusacell for USD 2.5 billion. AT&T acquired all the companies operating under the name Nextel, including spectrum licenses, network assets, retail stores and subscribers, and the company said it will now integrate Iusacell and Nextel into a single operator.
Tags: purchase
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