Nasdaq-listed Sierra Wireless, Inc., a leading provider for wireless modems for mobile computing, has agreed to acquire Wavecom S.A.
 
Under the arrangement, Sierra Wireless will make a cash offer of (euro) 8.50 per ordinary share of Wavecom, and (euro) 31.93 per OCEANE convertible bond, amounting to an aggregate purchase price of approximately (euro) 218 million.

The offer represents a premium of 21% over the offer for Wavecom shares announced by Gemalto on October 6, 2008 and a 108% premium over the share price on October 3, 2008, the last trading day prior to Gemalto's announcement of its offer.

The Board of Directors of Wavecom has unanimously determined that the proposed acquisition of Wavecom by Sierra Wireless is in the best interest of the Company, its employees, and, subject to consideration of a fairness opinion, its shareholders.

Furthermore, the market analysts expects that the addition of Wavecom's significant presence and capabilities in Europe will provide strong support to Sierra Wireless' mobile computing business in the region.

Sierra Wireless expects the transaction to close in the first quarter of 2009.