Cisco has agreed to buy Norwegian video-conference company Tandberg for $3 billion (€2 billion) cash in its latest big bet that video will drive demand for its core data transmission gear.
The acquisition will fill the wide gap between Cisco’s TelePresence video meeting service for executives and its WebEx tool used by millions of office workers for online meetings, and could bring video-conferencing to a mass market.
Tandberg’s board has recommended the Cisco offer to its shareholders, and chief executive Fredrik Halvorsen told investors that major shareholders had voiced support for the offer of 153.50 crowns a share. –(Reuters)
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