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Buyout firm scoops up modem maker US Robotics

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Buyout firm scoops up modem maker US Robotics

Once-dominant modem maker US Robotics has agreed to be acquired by a private equity firm that indicated it would make its deep pockets available for expansion and other purchases to help the company find growth again as Internet access technologies continue to evolve.

Platinum Equity did not disclose the price it would pay for the privately held US Robotics, headquartered in Chicago. But speculation based on past comments by company CEO Joseph J. Hartnett put the cost of the deal at between $30 million and $50 million.

Read the complete story. (TechNewsWorld)