P-Com Inc, Campbell, California-based developer of network access systems for the wireless telecoms market is acquiring the assets of the Wireless Communications Group of Cylink Corp. The total purchase price is $60.5m, consisting of $46m in cash and $14.5m in a short-term, non-interest bearing promissory note. The purchase will provide P-Com with complementary point-to-point radio products that strengthen the existing P-Com product line in spread spectrum technology. The acquisition will be accounted for as a purchase, and P-Com expects to incur acquisition expenses and a one-time in-process research and development charge of approximately 55% of the purchase price. The deal is expected to close by by March 31, subject to regulatory and other customary approvals.
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