US Company acquires Massana for $26.5m

Massana, the Dublin-based developer of Gigabit Ethernet-over-copper physical layer device (PHY) technologies has been acquired by US based chip maker, Agere Systems (NYSE: AGR.A).

Agere acquired the Irish company in a stock transaction for approximately 9.1 million shares of Agere Class A common stock, valued at about $26.2m (€37.9m), based on the closing price of $2.88 for the Agere Class A common stock on August 22, 2003.