has today completed the acquisition of US based SkyStream Networks, Inc. The closing follows the signing of the definitive merger agreement on 8th February 2006 and satisfactory completion of all conditions to closing. After closing adjustments, the final purchase consideration was determined to be MUSD 80, made up of a mixture of TANDBERG Television shares and cash. The share value element is MUSD 1.5 and is made up and settled with 77,279 own shares. The number of shares have been determined based on the average share price of TANDBERG Television for the ten day period ending five days prior to closing, which was NOK 130.619 per share. TANDBERG Television holds 181,393 own shares after transactions.
The combination of the two companies strengthens TANDBERG Television's position as the clear global leader in the rapidly expanding IPTV market. It further enhances TANDBERG Television's ability to provide content owners, programmers and operators with a unique combination of integrated compression, interactive and on-demand content solutions.
By bringing together two highly respected players in digital video delivery the acquisition extends TANDBERG Television's position as the global leader in the professional video compression market. With a highly complementary product set from SkyStream, TANDBERG Television now has an expanded technology offering for IPTV and also for the cable, satellite DTH and on-demand markets. SkyStream's advanced IPTV solutions, market leading video on demand technology and impressive market presence in the Telco regional headend business is a natural extension to TANDBERG Television's award-winning central head-end IPTV systems, on-demand software and global Tier 1 customer base.