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Sell, Sell, Sell at GDC
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Business New Haven
9/17/2001
By: BNH
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MIDDLEBURY - General DataComm Industries (NASDAQ: GDC) continued the vigorous sell-off of subsidiaries by announcing on September 4 a $23.5 million deal to sell GDC's Vital Network Services subsidiary to Mayan Networks Corp. of San Jose, Calif. Vital Network Services designs and services telecommunications networks for more than 2,000 communications network customers worldwide.
Under terms of the agreement, Mayan Networks will pay GDC $6.4 million in cash. The remainder of the purchase amount will be paid through a combination of notes, stock and an assumption of liabilities. The deal also calls for GDC to retain $8 million in money owed Vital for services already performed for customers.
Though announced this month, the sale was effective July 1, just nine days before GDC sold another one of its subsidiaries, a multimedia division, to a Canadian company, Miranda Technologies, for $8.5 million.
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