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Jul. 16, 2002

CONEXANT PAYS CASH, STOCK FOR VIDEO FIRM

Conexant Systems Inc. has acquired GlobespanVirata's video compression business in a deal that closed June 24. Conexant has agreed to pay $21 million in cash and 1.25 million shares of stock. The deal also includes an earn-out provision, in which Conexant will make additional cash payments to GlobespanVirata based on company performance and stock price.

        Conexant Systems Inc. has acquired GlobespanVirata's video compression business in a deal that closed June 24.
        Conexant has agreed to pay $21 million in cash and 1.25 million shares of stock. The deal also includes an earn-out provision, in which Conexant will make additional cash payments to GlobespanVirata based on company performance and stock price.
   ...

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