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Brocade acquires Foundry

The network-savvy among you (this does NOT include me) will already know this, but I thought it was worth a passing remark that Brocade and Foundry are gettin’ hitched.

Brocade today announced a definitive agreement to purchase Foundry Networks, Inc., a performance and total solutions leader for network switching and routing. The acquisition will position Brocade as a leading provider of enterprise and service provider networking solutions, with innovative technology and product leadership from the Internet to the heart of data centers.

…Under the agreement, Brocade will pay a combination of $18.50 of cash plus 0.0907 shares of Brocade common stock in exchange for each share of Foundry common stock, representing a total value of $19.25 (based on Brocade’s closing stock price on Friday, July 18, 2008 of $8.27). The transaction has an aggregate purchase price of approximately $3.0 billion on a fully diluted basis, and is expected to be accretive to Brocade non-GAAP EPS in its fiscal year 2009, with non-GAAP EPS accretion expected to accelerate in Brocade’s fiscal year 2010. The acquisition is expected to close in the fourth quarter of calendar year 2008.

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