Technology

Nokia to acquire 10% stake in Redback Networks

Nokia is to acquire a 10% stake in Redback Networks, a US manufacturer of broadband aggregation equipment. Nokia will invest $34.5 million in cash in Redback, and purchase 10% of Redback's outstanding equity.

Staff Writer May 26, 2002

Nokia was also granted Redback warrants that could take its stake to 19.9% within 18 months of closing the investment. However Redback’s chief executive Kevin DeNuccio ruled out the chance of Nokia taking over the $400 million company for the time being.

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