MINNEAPOLIS-ADC Telecommunications Inc. announced it has completed the purchase of an additional 1.7 million common shares of PCS Wireless Inc. based in Vancouver, British Columbia, Canada.
With this investment, ADC now holds 3.3 million shares of PCS Wireless, representing 10.6 percent of the issued and outstanding shares, ADC said.
In connection with a previously announced strategic alliance, ADC has agreed to buy another 1.7 million common shares of PCS Wireless at approximate market value, upon achievement of certain performance milestones, ADC said.
In January, ADC formed an equal joint venture with PCS Wireless to develop, manufacture and sell remote antenna signal processors for use worldwide in deploying emerging wireless personal communications services over cable television and hybrid fiber/coax networks. ADC said it has also entered into a non-exclusive supply agreement with PCS Wireless for cellular and 1.9 GHz microcell extender and base station extender products.