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Cisco Announces Agreement to Acquire DVN Set-Top Box Business

SAN JOSE, Calif., SHANGHAI and HONG KONG, Nov. 2, 2009 – Cisco today announced a definitive agreement to acquire the set-top box business of DVN (Holdings) Limited.  Listed in Hong Kong with major operations in China, DVN is a market and technology leader in digital cable solutions in China and shares Cisco's vision of a high-performance, scalable and services-rich cable interactive platform extending into every home. 

Under the terms of the agreement, Cisco will pay up to $44.5 million for the set-top box business of DVN.  Of this amount, approximately $17.5 million will be paid up front, with an additional maximum amount of $27 million to be paid over four years based on the achievement of specific sales milestones.  The acquisition is expected to close in the first half of calendar year 2010 subject to standard closing conditions, DVN shareholder approval and regulatory approvals.

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Frequently Asked Questions

Q. How will the transaction between Cisco and DVN benefit Cisco customers?
A: Certain DVN customers are already existing Cisco customers. The combination of DVN's access products and Cisco's transmission and core network products will strengthen the end-to-end offering already available to these customers. Other Cisco cable customers in China who are not DVN customers will likewise benefit from the combined strength of the two product portfolios.
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Q. How will the transaction between Cisco and DVN benefit DVN Customers?
A: DVN customers will be able to take advantage of the combined expertise of DVN and Cisco and have access to the development of future solutions which will include leading products and services from both companies. Cisco's financial strength will also allow qualified customers to use long-term leasing facilities provided by Cisco Capital to match capital expenditure (CapEx) costs to the incremental revenue resulting from the shift to digital services. Financing has been a major barrier impeding the transition to digital cable in China, and Cisco is prepared to apply its fiscal strength and risk management expertise to address this challenge.
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Q. I am a DVN customer, who may I contact about DVN sales and services?
A: Between now and when the transaction closes, the STB business of DVN and Cisco will continue to operate as separate companies. Current DVN customers should continue their established relationships with DVN for sales and services. After the close of the transaction, the DVN business as part of Cisco will continue to sell and service its products as they do today. Together, Cisco and DVN will work to expand sales opportunities for exciting new offerings and will work to align Cisco and DVN processes over time.
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Q. I am a potential customer for DVN, who may I contact?
A:  Between now and when the transaction closes, the STB business of DVN and Cisco will continue to operate as separate companies. Please contact DVN directly.

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