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Article: Norstan agrees to buyout; Pennsylvania company to pay $95 million.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- December 21, 2004
- Author:
CopyrightCOPYRIGHT 2004 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Steve Alexander; Staff Writer
Norstan Inc., a longtime telecommunications equipment reseller and service firm in Minnetonka, is being acquired by Black Box Corp., a Pennsylvania maker of computer networking equipment, for about $95 million.
Black Box said Monday it will pay $77.3 million in cash plus the cancellation of outstanding options and the assumption of about $12.4 million in debt. Norstan, which has about 1,000 employees, will operate as a business unit of Black Box under Scott Christian, Norstan's president and chief executive.
The announcement, made after the markets closed, sent Norstan shares up 68 cents in after-hours ...