Siemens AG

ots Ad hoc-Service: Siemens AG Siemens to Acquire global DSL leader Efficient Networks Inc. for $1.5 billion

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    Munich (ots Ad hoc-Service) -        

    Major step for Information and Communication Networks Group within its strategy to become a leading company in DSL Broadband Access worldwide

    Siemens Information and Communication Networks Group (ICN) will strengthen its position in the digital subscriber line (DSL) broadband access market through the acquisition of Efficient Networks Inc. (Efficient) (Nasdaq: EFNT). Siemens and Efficient today announced that they have entered into a definitive merger agreement, subject to regulatory clearances and approvals. Pursuant to this agreement Siemens will commence a cash tender offer for all of Efficient' shares, for $23.5 per share or a total fully diluted consideration of approximately $1.5 billion. Efficient is a global leader in DSL customer premises equipment (CPE) for the broadband access market. With this important acquisition Siemens ICN enhances its position as one of the top worldwide broadband access equipment suppliers.

    Efficient posted revenues of $394 million for calendar year 2000. Efficient' DSL CPE enables communication service providers to offer broadband access services to small and medium-size businesses, branch offices of large corporations and residential customers. Efficient' product line includes DSL modems, routers, integrated access devices (IADs) supporting voice and data services as well as management systems and software. The transaction will enable Siemens and Efficient to offer innovative DSL solutions to the market more quickly by leveraging their complementary technologies.

    The Management Board of Siemens and the Board of Directors of Efficient have approved the Merger Agreement. The Offerand the Merger are conditional upon, inter alia, receipt of required regulatory approvals and clearances. Once regulatory approvals and clearances are received, it is anticipated that the acquisition of Efficient will be completed in the shortest possible timeframe.

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