WASHINGTON (dpa-AFX) - Sierra Wireless Inc. (SWIR) said Tuesday it has closed the sale of substantially all of the assets related to its AirCard business to Netgear Inc. (NTGR) for $138 million in cash plus about $5.9 million in assumed liabilities. The deal was announced on January 28.
Sierra Wireless's retained business includes its AirPrime embedded wireless modules, AirLink intelligent gateways, and AirVantage M2M cloud product lines.
Sierra Wireless said it plans to use a major part of the proceeds from the deal to continue its acquisition strategy in the M2M market.
'This transaction provides significant financial capacity to accelerate our growth in M2M - a market in which we are the world leader today, with the industry's broadest product lineup, and an extensive, blue-chip customer base,' said Jason Cohenour, CEO of Sierra Wireless.
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