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Extreme Networks agreed on September 12, 2013, to acquire all outstanding shares of Enterasys Networks for $180 million in cash, subject to a post-closing working-capital adjustment. The acquisition closed on October 31, 2013. The companies said the deal would broaden Extreme’s networking portfolio and set out an integration plan; those plans should not be confused with confirmed outcomes.
How much did Extreme Networks pay for Enterasys?
The announced purchase price was $180 million in cash, subject to a post-closing working-capital adjustment. Extreme’s September 12, 2013, SEC filing describes the agreement to buy all outstanding Enterasys shares from Enterprise Networks Holdings, Inc. (SEC Form 8-K, September 12, 2013)
In its closing filing, Extreme reported that $100 million of the $180 million cash purchase price was funded by borrowing under credit facilities entered into in connection with the closing. (SEC Form 8-K, November 1, 2013)
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When was the Enterasys acquisition announced and completed?
The agreement announcement and the closing were separate events. The companies announced the signed stock purchase agreement on September 12; Extreme completed the acquisition on October 31, 2013.
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| Date | What happened |
|---|---|
| September 12, 2013 | Extreme announced an agreement to acquire all outstanding Enterasys shares for $180 million in cash, subject to a post-closing working-capital adjustment. The companies said their boards had approved the transaction. (SEC Form 8-K) (company announcement filed with the SEC) |
| October 15, 2013 | The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired at 11:59 p.m. Eastern. Extreme said customary closing conditions remained and anticipated a closing in early November. (company announcement filed with the SEC, October 16, 2013) |
| October 31, 2013 | The acquisition closed, as reported in Extreme’s Form 8-K filed November 1. (SEC Form 8-K) |
Why did Extreme Networks acquire Enterasys?
Extreme presented the transaction as a way to combine complementary networking capabilities for enterprise, data-center, and cloud customers. Its announcement described a portfolio spanning wired and wireless network access through enterprise core, data center, and cloud, alongside management and security. (September 12, 2013 announcement filed with the SEC)
Extreme identified Enterasys offerings including Coreflow, modular switches, IdentiFi wireless, and the NetSight system-management application as additions to its portfolio. At closing, Extreme described the combined portfolio as covering data-center networking; switching and routing; software-defined networking (SDN); wired and wireless LAN access; network management; and security. (November 1, 2013 closing announcement filed with the SEC)
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Extreme also said it expected ExtremeXOS to incorporate additional features available in Enterasys network operating systems and support both companies’ hardware platforms within approximately two years. That was an announced integration plan, not evidence that the work was completed on that schedule. The cited transaction announcements do not establish the plan’s eventual results.
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What did Extreme say about the combined business?
In its November 1, 2013, closing announcement, Extreme reported that the combined company served more than 12,000 customers. This is a company-reported figure at the time of closing, not a current customer count. (closing announcement filed with the SEC)
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