Pace Plc to buy US broadband service provider 2Wire for $475 million
26 Jul 2010
UK's digital TV set-top box maker Pace, today said that it will buy 2Wire Inc, a US-based broadband service provider for $475 million in cash to expand its customer base in the Internet TV market in the country.
Yorkshire, UK-based Pace, formerly known as Pace Micro Technology, is the world's largest developer of digital payTV set-top boxes for cable television, satellite television, IPTV operators and retail markets across the world.
It employs over 1,000 people in locations around the world, including France, the US, India and China.
For 2009, the company reported revenues of £1.13 billion pounds and net profit of £69.7 million.
California-based 2Wire is currently owned by a consortium of strategic and financial investors including Alcatel-Lucent, AT&T, Telmex, Oak Investment Partners, Meritech Capital Partners, and Technology Crossover Ventures.
2Wire is a leading provider of advanced residential gateways and associated software and services for the broadband service provider market and the number one supplier into the fast growing US telco residential gateway market.
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