French telecom-equipment supplier Alcatel SA signed a preliminary agreement to sell its digital subscriber-line modem unit to consumer electronics group Thomson Multimedia for 456 million euros (US$387.6 million), the companies said Thursday.
Thomson Multimedia is to pay Alcatel with 9.5 million new shares, issued at a price of 48 euros (US$40.8) each.
The deal is expected to be finalized "before the end of 2001," provided it is cleared by the groups' boards and shareholders and approved by French and European competition authorities, the groups said.
The move is in line with Alcatel's strategy to focus on network equipment, and will allow the two groups to reinforce their existing technological and commercial cooperation, the companies said.
Alcatel sold about 1.7 million digital subscriber line modems in 2000, accounting for a 22 percent global market share, the groups said.
The technology, usually referred to as DSL, transmit signals over copper phone wires at least 10 times faster than dial-up modems while leaving the line free for regular calls.
Alcatel shares closed Thursday on the Paris stock exchange at 29.20 euros (US$24.8), down 4.1 percent. Shares in Thomson MultiMedia finished down 1 percent at 45.75 euros (US$38.9).
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