Talk of turning on a dime: A month ago Moseley Associates announced that it was acquiring the hapless wireless kit vendor Proxim for $21 million. Today it was announced that Proxim will be acquired for $28 million by Terabeam Wireless. A joint statement released today by the two companies says that they agreed to the deal "after Proxim declared Terabeam the high bidder in the court-approved auction held in connection with Proxim's Chapter 11 bankruptcy filing." The statement also says that the agreement "is expected to supersede Proxim's earlier arrangements to sell substantially all of its assets to Moseley Associates."
The deal is scheduled to be finalized in less than two weeks, following final approval by the US Bankruptcy Court for the District of Delaware. Terabeam has stated its intention to move its headquarters to Proxim's San Jose, California, facility and will continue to develop Proxim's WLAN, broadband wireless, and WiMax products.
For more on Proxim's fate:
- see Justin Springham's Unstrung report