Intel (Nasdaq: INTC) and Xircom (Nasdaq: XIRC) were two of the fewgainers among technology stocks Friday morning, after Intel said it receivedfinal government approvals to acquire Xircom.
In midmorning trading, Intel was at US$29.31, up 19 cents, and Xircom was at $24.75, up 88 cents.
Intel said that it was going to complete its tender offer for Xircom on Friday, now that U.S.and German regulators have cleared the deal.
Intel agreed in January to acquire Xircom, a Thousand Oaks, California-basedmaker of PC cards and other products that connect mobile computing devicesto networks and the Internet, for $25 per share in cash, or a total of about$748 million.
At the time, Intel said the acquisition would allow it to providenew products for notebook and mobile computers.
“The acquisition of Xircomprovides Intel with an award-winning lineup of products and technologies inthe fast-growing mobile computing area,” said Mark Christensen, generalmanager of Intel’s network communications group.
Dirk Gates, Xircom’s chief executive officer, said that following completion of the deal, the two companies will offer an enhanced line of products and that customers will see innovation in mobile computing and wireless networking from the companies’ combined efforts.
Xircom sells and supports its products in more than 100 countries. Thecompany has 1,900 employees worldwide, with regional headquarters inBelgium, Japan and Singapore.
Over the past year, Xircom shares have traded as high as $54.56 and as lowas $12.25.