July 21st, 2008
Brocade to acquire Foundry in $3 Billion deal
Brocade has said it will acquire Foundry Networks, a company that does enterprise and service provider switching and routing, in a deal valued at $3 billion.
The acquisition, which still needs final approval, comes on the heels of corporate problems for Brocade, notably the criminal misconduct sentence handed down against former CEO Gregory Reyes and a $160 million payment to settle a federal securities lawsuit tied to the company’s stock-option backdating processes.
The companies expect the deal to be finalized later this year.
Sam Diaz is a senior editor at ZDNet. See his full profile and disclosure of his industry affiliations.
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