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TANDBERG Television to purchase N2 Broadband

The acquisition of N2 Broadband will bring TANDBERG TV with a full slate of VOD services to offer its customers.

TANDBERG Television, based in the UK, has reached an agreement in principle to acquire the business of Atlanta-based N2 Broadband, a provider of VOD technology.

Under the terms of the agreement, TANDBERG Television intends to acquire privately-held N2 Broadband for a mix of cash and TANDBERG shares. The total consideration is expected to be in the range of $110 million to $130 million and completion of the transaction is subject to final negotiations, confirmatory due diligence and all customary legal and regulatory conditions.

The two companies have put in place a $3 million mutual break-up fee as part of the agreed terms of sale and the acquisition is expected to be completed in the first quarter of 2005.

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