Cisco Systems, after a fight to get shareholder approval for its bid to buy videoconferencing firm Tandberg, said Friday it owns more than 90% of the shares of the Norwegian company.
Cisco announced plans to acquire Tandberg in October for $3 billion, and last month raised its offer for the company -- the deal is now worth around $3.4 billion -- after fewer than 10% of Tandberg's shareholders took Cisco up on the original offer.
With Tandberg's videoconferencing endpoint solutions, Cisco wants to expand its video-based collaboration portfolio for enterprise and service provider markets. Tandberg's main competitor is Pleasanton, Calif.-based Polycom.
The acquisition of Tandberg "showcases Cisco's financial strength and ability to quickly capture key market transitions for growth," Cisco chairman and CEO John Chambers said, when the deal was announced in October.
Oslo-based Tandberg ASA is separate from Tandberg Television, the video-encoding systems vendor formerly based in Norway, which Ericsson acquired for $1.4 billion in 2007 after outbidding Arris. Ericsson plans to phase out the Tandberg Television name effective Jan. 25, 2010.