2 takeovers take aim at online growth
Deals range from Canadian music online to smartphone data
Last Updated: Tuesday, October 13, 2009 | 11:56 AM ET
CBC News
Two deals announced Tuesday suggest companies expect the rapid growth in online services to continue.
Cisco Systems of San Jose said it will pay $2.9 billion US for Starent Networks Corp.
Starent makes equipment that allows telecommunications carriers to connect their wireless networks to the internet.
The deal is a bet on the expected growth in demand by smartphone users for data services.
The bid for Starent, based in Tewksbury, Mass., is a 21 per cent premium over its recent share price.
In a deal on this side of the border, Toronto's Fluid Music Canada said it had an agreement to buy Somerset Entertainment Income Fund for $30.7 million Canadian.
Fluid Music said its aim is to combine the two music distributors to improve their offerings of specialty music online.
Specialty music genres include jazz, folk, world, electroacoustic, contemporary classical and aboriginal styles.
With files from The Canadian PressShare Tools
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