Motorola Inc. has completed its acquisition of Tut Systems Inc. The transaction has a total equity value of approximately $39 million on a fully diluted basis.
Tut Systems delivers industry-leading content processing and distribution products for deploying next-generation video and Internet Protocol (IP) services over broadband networks. More than 160 service providers including telecommunications carriers, cable operators, entertainment companies and government agencies worldwide use Tut Systems products.
The integration of Tut Systems' solutions with Motorola's industry-leading digital video delivery solutions will expand Motorola's ability to help service providers deploy advanced video services over IP, ATM, or RF-based network architectures. Motorola currently has deployed 2,060 digital video networks and more than 50 million digital video set tops worldwide.
As previously announced on December 21, 2006, the two companies signed a definitive merger agreement under which Motorola has now acquired all of the outstanding shares of Tut Systems common stock. The transaction was approved by the stockholders of Tut Systems on March 6, 2007 and was completed today. With the completion of the transaction, trading in Tut Systems common stock will be suspended at the close of business today.
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