Vancouver's Sierra Wireless Inc. (Nasdaq:SWIR) has terminated its proposed acquisition of Boise, Idaho-based Cradlepoint Inc., which develops wireless networking products.
The $30.2 million deal would have given Sierra Wireless an immediate presence in the mobile broadband networking market and expand its produce lineup.
The deal was terminated after one of the many conditions for completion was not met.
As a result of the termination, Sierra Wireless will incur a transaction-related expense charge of approximately $700,000 in 2008's second quarter.
Sierra Wireless' share price range during the past week: between US$13.80 and US$14.60; 52-week high: US$28.10; 52-week low: US$11.98.