Friday, December 19, 2008

Brocade Completes Foundry Networks Buy

San Jose-based Brocade said Friday that it has completed its acquisition of Foundry networks, for $16.50 per share in cash. The deal was worth approximately $2.6 billion. Brocade said that Foundry has approximately 1100 employees, who will be integrated into the firm. The deal was originally announced in July; the price was dropped in October from $18.50 per share, after the market swoon. Brocade was advised by Qatalyst Partners on the deal, along with Cooley Godward Kronish LLP.