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12/18/2018, 3:04 PM (Source: TeleTrader)
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Cisco to buy chipmaker Luxtera for $660M

High technology manufacturer Cisco Systems Inc. announced on Tuesday that it has reached a deal to acquire a privately-held California-based semiconductor maker Luxtera Inc. for $660 million in cash and assumed equity awards.

"With Cisco's 2018 Visual Networking Index projecting that global Internet traffic will increase threefold over the next five years, our customers are facing an exponential demand for Internet bandwidth," said David Goeckeler, executive vice president and general manager, Networking and Security Business at Cisco.

After the transaction finalizes, which is expected to happen in the third quarter of 2019, Luxtera employees will become part of Cisco's Optics operation managed by Goeckeler.

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