"Cisco" to take over company "Tandberg" for 3 billion USD - better development of video communications in the future

Company "Cisco" announced on October 2nd, 2009, that it had given the offer for takeover of company "Tandberg" (with the headquarters in Oslo, Norway, and New York), one of the global leaders in video communications, including broad spectrum of first-class video devices and solutions for network infrastructure, with interoperability between companies and vendors.

With this takeover, "Cisco" will offer more solutions for larger number of clients in the segment of collaboration in order to increase the presence of that technology in the world.

According to the terms of the agreement, "Cisco" will offer to buy stocks of "Tandberg" at the price of 153.5 NOK per stock, that is, at total price of about 3 billion USD, which has been unanimously accepted by the Board of Directors of "Tandberg".

The takeover should be completed during the first half of the next year. Company "Cisco" expects the acquisition to contribute to growth of the company's value in 2011.

"Cisco" will integrate "Tandberg" video devices and solutions for network infrastructure into its top-quality collaboration architecture, which will increase level of interoperability between companies and vendors – from use at working place to TelePresence devices with several screens. These solutions will be useful for the clients of company "Cisco", but it will also contribute to greater interest in video collaboration on global level