Alcatel Completes Packet Purchase

Tue., Dec. 15, 1998

From Staff Reports

The $315 million acquisition of Spokane-based Packet Engines Inc. by French telecommunications giant Alcatel was completed Friday.

On Oct. 12, Alcatel announced it would acquire all of Packet Engines’ outstanding capital and employee stock options in a cash deal.

The transaction had to be approved by the Antitrust Division of the U.S. Department of Justice and by Packet Engines shareholders.

Packet Engines will retain its name and continue to be headquartered in Spokane.

Krish Prabhu, president and CEO of Alcatel USA Inc., will serve as chairman of the company. Packet Engines founder Bernard Daines will retain the title of chief executive officer.

Packet Engines, founded in late 1994, manufactures products for gigabit ethernet technology, which links computers into networks at very high speeds.

The company employs about 200 people, but Daines expects that number to double over the next couple of years.

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Alcatel Completes Packet Purchase

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