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Lantronix Plans to Acquire Lightwave

California

April 11, 2001|BLOOMBERG NEWS

Lantronix Inc., an Irvine-based maker of network device servers, said Tuesday that it plans to buy closely held Lightwave Communications for an undisclosed amount of cash and stock to increase Lantronix's line of console-server products.

Under the terms of the agreement, all of Lightwave's outstanding shares and options will be exchanged for cash and Lantronix stock. The transaction is expected to be completed by the end of May, and all employees of Milford, Conn.-based Lightwave will stay with the company, Lantronix said.

Lantronix said the purchase would add 4 cents to 5 cents a share to earnings for the year beginning July 1.

Shares of Lantronix rose 54 cents, or 10%, to close at $6.24 on Nasdaq. They've fallen 38% since first being offered to the public in August.

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