Copper Mountain Completes Acquisition of OnPrem Networks

Palo Alto, CA-based Copper Mountain Networks Inc., a major supplier of digital subscriber line (DSL) equipment to the business market, has completed the acquisition of privately-held OnPrem Networks Corp. (Fremont, CA). Originally announced January 26, 2000, OnPrem is a developer of highly-integrated DSL solutions for the small- and medium-building multi-tenant unit (MTU) market.

Under the terms of the agreement, Copper Mountain will acquire OnPrem Networks Corp. in exchange for the issuance of approximately 1.3 million shares of Copper Mountain common stock and Copper Mountain stock options. This transaction is being accounted for using purchase accounting.

Copper Mountain develops and sells DSL communications products that enable high-speed broadband connectivity over existing copper phone lines primarily for and Internet data access. Internet service providers NorthPoint Communications accounts for about 60% of Copper Mountain's sales, and Rhythms NetConnections for 18%. The company has partnerships with 3Com Corp. (Santa Clara, CA), Intel Corp. (Santa Clara, CA), and Lucent Technologies (Murray Hill, NJ).

Edited by John Spofford