C-COR Sells Outside-Services Unit
Source Broadband Services Buys Division for $7M in Cash
By Todd Spangler -- Multichannel News, 6/5/2007 12:19:00 PM
C-COR said it agreed to sell its Outside Plant and Installation Services business to Source Broadband Services, a privately held provider of fulfillment and technical services to cable operators, for $7 million in cash.
Under the terms of the deal, C-COR will transfer certain customer contracts, assets, contractual obligations and liabilities related to the Outside Plant and Installation Services business to Source Broadband.
C-COR will retain its Network Design and Integration business, which the company will combine into a Professional Services group under its Broadband System Solutions organization.
In a prepared statement, C-COR CEO Dave Woodle said the company will “focus on growing our Network Design and Integration business that synergistically cuts across all our product lines. We will also work closely with Source Broadband to ensure a smooth transition of our Outside Plant and Installation Services."
C-COR said Source Broadband expects to offer employment to most of the employees of the Outside Plant and Installation Services unit. The transaction is subject to customary closing conditions and is expected to be completed within 45 days.
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