Sierra Wireless has decided to pull the plug on its plans to acquire wireless networking firm CradlePoint. The company said that certain conditions were supposed to be met prior to closing and one of those conditions had not been met so the deal is off.
Sierra announced last April that it would buy CradlePoint in a $30.2 million cash and stock deal. The company expects to book $700,000 in expenses related to the deal in the second quarter of 2008.
Last December CradlePoint introduced a personal hotspot that it said enabled an EVDO USB modem or handset to create a WiFi hotspot that would extend Internet access to any WiFi-enabled device. This patent-pending technology would be supported by modems such as those made by Sierra Wireless.
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